EURCAD Downtrend Intact

by Ashraf Laidi

Oct 12, 2009 14:39

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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