Hot-Charts
EURCAD
by
Mar 17, 2009 13:54
| 3 Comments
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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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.
-- 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!