Forex Flash: EUR/CAD potential for strong, counter-trend rally is limited – TD Securities

FXstreet.com (Barcelona) - The EUR/CAD is becoming under a strong trend lower: “Weakness below noted support in the 1.32 zone this week pointed to a move towards 1.27/1.29, we noted earlier this week”, wrote analysts Shaun Osborne and Greg Moore, suggesting that the move lower may be moderating in the short run, “but we rather think that, as trend momentum remains bearish across a range of short-term time frames and longer-term price signals have turned negative, the potential for a strong, counter-trend rally is limited”. “We have to expect good resistance now on modest rebounds to the 1.31 area”, concluded the TD Securities analysts.