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19 May 2015
EUR/CAD lower despite drop in WTI
FXStreet (Guatemala) - EUR/CAD is currently trading at 1.3637 with a high of 1.3768 and a low of 1.3579.
EUR/CAD has dropped on the back of the sell-off in the euro when the market reacted to the words from ECB’s Coeuré. He gave forward guidance in his announcement that the ECB would be “moderately” front-loading QE purchases in May and June, as noted by analysts at Brown Brothers Harriman. Meanwhile the Canadian dollar was weak on the collapse in oil of over $3.50 in WTI while USD/CAD was down over a cent.
EUR/CAD potentially headed below 1.3530
Analysts at TD Securities explained that, "Depending on today’s close, we may be seeing the third leg of an important top/reversal form (evening star) on the daily chart and, if confirmed (by a weak close), losses may pick up below 1.3530 short-term trend support."
EUR/CAD has dropped on the back of the sell-off in the euro when the market reacted to the words from ECB’s Coeuré. He gave forward guidance in his announcement that the ECB would be “moderately” front-loading QE purchases in May and June, as noted by analysts at Brown Brothers Harriman. Meanwhile the Canadian dollar was weak on the collapse in oil of over $3.50 in WTI while USD/CAD was down over a cent.
EUR/CAD potentially headed below 1.3530
Analysts at TD Securities explained that, "Depending on today’s close, we may be seeing the third leg of an important top/reversal form (evening star) on the daily chart and, if confirmed (by a weak close), losses may pick up below 1.3530 short-term trend support."