| EUR CAD 04-02-10 |
EURCAD
Today’s featured pair which is worth bringing onto the radar is EURCAD; as it is currently poised on the lower bound of its major 14 month downtrend channel around 1.4720, and looking at the daily chart, this level also coincides nicely with a major support that has held since 6th October 2008. Today marks the pair’s 10th straight down day, and for our money, this looks like a decent punt for a correction higher.
Obviously the ECB meeting later today isn’t expected to set in motion any structural shift to EUR strength in the coming months, but with the 50 day moving average still at the lofty 1.5050 levels, there’s clearly ample room for a quick 150 pip trip higher without having to conflict with any fundamental assessment.
Today’s featured pair which is worth bringing onto the radar is EURCAD; as it is currently poised on the lower bound of its major 14 month downtrend channel around 1.4720, and looking at the daily chart, this level also coincides nicely with a major support that has held since 6th October 2008. Today marks the pair’s 10th straight down day, and for our money, this looks like a decent punt for a correction higher.
Obviously the ECB meeting later today isn’t expected to set in motion any structural shift to EUR strength in the coming months, but with the 50 day moving average still at the lofty 1.5050 levels, there’s clearly ample room for a quick 150 pip trip higher without having to conflict with any fundamental assessment.
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