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EURCAD Downtrend Intact

by Ashraf Laidi
Oct 12, 2009 14:39 | 13 Comments

EURCAD Downtrend Intact - EURCAD Oct 12 (Chart 1)

EURUSD strength remains shadowed by EUR weakness against the likes of CAD and AUD. While EURCAD has hit 2 month lows, it remains set up for prolonged medium term losses towards 1.5250, followed by 1.5130. Despite the speed of the selling over the last 3 sessions, relative momentum indicators (momentum vs. price) indicate prolonged losses on the weekly horizon. Oil's break above $73 has also helped CAD, but the impact of its any oil retreat is seen capping EURCAD 1.5440, before the aforementioned targets are considered.

 

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Comments (Showing latest 10 of 13) View All Comments
Ashraf Laidi
London, UK
Posts: 0
15 years ago
Oct 20, 2009 23:35
Wasup, i don't like the daily consolidation in GBPJPY. oscillators look to be fading and unlikely to reach towards 151. So i remain bearish.

Ashraf
Wasup
dublin, Ireland
Posts: 54
15 years ago
Oct 20, 2009 21:02
Hi Ashraf,
Do you think that GBPJPY to go above 1.5060.
Ashraf Laidi
London, UK
Posts: 0
15 years ago
Oct 20, 2009 16:42
janice, look for 1.0590 then 1.0640s. you're correct about the retracements

Ashraf
janice
Singapore
Posts: 2
15 years ago
Oct 20, 2009 16:35
Hi Ashraf,

do you see resistance on usdcad at 1.05 strong? this level seems to be 0.382 from 1.0990 to 1.020. if it does break what chances would we see 1.068 which is .618.
thanks
Ashraf Laidi
London, UK
Posts: 0
15 years ago
Oct 20, 2009 14:38
Glory, pipples, read latest IMT on BoC talking down Loonie hence rising USDCAD and rising EURCAD. better to be CAD seller ONLY in short term because oil prices could push further towards mid 80s despite OPEC talk. But today the play remains short CADJPY, long USDCAD

peltzy, still bearish GBPUSD. but you're correct, right shoulder stands at 1.67.



Ashraf
Pipples
Yorkshire, UK
Posts: 34
15 years ago
Oct 16, 2009 17:46
Hi Ashraf. Thoughts on the short and long term for USD/CAD? Cheers.
Peltzy
London, UK
Posts: 2
15 years ago
Oct 16, 2009 15:29
Ashraf

Regarding GBPUSD ;
Is the H&S price target of 1.53 - 1.270 still intact? since it hasn't followed a typical pattern and just retest the neckline but went straight through and is now looking for a rebound off 1.64's??

Thanks!
glory
Singapore, Singapore
Posts: 10
15 years ago
Oct 16, 2009 7:21
EURCAD is trading at 1.5430-40. Time to short. Do you see falling back to 1.52?
glory
Singapore, Singapore
Posts: 10
15 years ago
Oct 16, 2009 7:21
EURCAD is trading at 1.5430-40. Time to short. Do you see falling back to 1.52?
14raj
Kolkata, India
Posts: 210
15 years ago
Oct 13, 2009 19:37
thanx ashraf, your words always cheer me up....thanks again
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