EUR/CAD: scope for push to 1.22

EUR/CAD: scope for push to 1.22

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EUR/CAD: scope for push to 1.22 - TDS

FITITOL--> FXstreet.com (San Francisco) - There is a lot of interesting price action in EUR/CAD this Thursday in North America, having fallen to a fresh 2-year low of 1.2531 vs. 1.2682 late Wednesday, last at 1.2560, recording a 1% loss on the day and a 2.5% loss so far on the week.

Technically speaking, “Daily oscillator studies show that the EUR is nearing oversold levels but this is not necessarily a warning of a reversal,” says TD Securities. “Rather, we note the tick up in the DMI oscillator on the daily charts towards more obviously bearish territory â€" aligning itself with bearish trending DMI signals across a range of timeframes.”

TDS continues: “Bigger picture, our read of the long-term charts still suggests that 1.21/1.22 is perhaps the ultimate destination for this broader move lower.”