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EURCAD

by Ashraf Laidi
Mar 17, 2009 13:54 | 3 Comments

EURCAD - Eurcad Mar 17 (Chart 1)

EURCAD at 2-month highs testing the 50% retracement of the decline from the 1.7511 high to the 1.5640 low, risking to peak out. Unexpected strength in US Feb housing starts and building permits in contrast with prolonged deterioration in Canadian Jan factory sales supports the outlook for the single currency (due to continued risk appetite from US data) at expense of CAD. EURCAD tests EURCAD requires the breach of the 1.6580 point in order to pave the way for 1.6800. A EURUSD close above $1.30 and prolonged support in EURGBP above 0.9150 helps signal persistent EUR bullishness. Support stands at 1.6330.

 

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Comments (Showing latest 3 of 3) View All Comments
Ashraf Laidi
London, UK
Posts: 0
16 years ago
Mar 17, 2009 16:34
Forexdude, thanks for your kind words.
Nomis, Im staying away from the CHF. Maybe it will do well against USD during the current market bounce, but it's a better opportunity to sell it vs AUD, NZD, NOK and even GBP. Btw, Year to date, Swiss is worst performing currency.
Forexdude
Italy
Posted Anonymously
16 years ago
Mar 17, 2009 15:55
Very good point, I'm targetting 1.6580 with half pos. since March 5th. Would accumulate again on relief from OB condition for break north.

-- I want to take this opportunity to thank Ashraf for a lot of great insights since many years and hopefully many more to come. I'm a big fan of yours. Cheers!
nomis
United States
Posts: 3
16 years ago
Mar 17, 2009 14:57
would you buy the Swiss Franc?
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