Forex Flash: EUR/CAD with short and medium term downside risks – TD Securities

FXstreet.com (Barcelona) - The EUR/CAD broader tone here continues to suggest consolidation (potential bull flag), but spot is spending quite a bit of time below the short-term MA (28– and 40-day) signals currently (the most, in fact since November). Also, short-term trend momentum is flipping to bearish and the longer-term studies are starting to get dragged along, according to TD Securities analysts Shaun Osborne and Greg Moore, adding long-term concernings signs to it as further weakness through the balance of March would suggest building medium-term downside risks.

"Key short-term support is 1.3200/05. A move back above 1.3340/45 would give the EUR a modest boost but the bias here is gearing towards the cross remaining better offered on rallies while the EUR remains below 1.3550", they concluded.