EUR/CAD has reached the 1.37 level. The pair may consolidate but downside risks remain, economists at Scotiabank report.
“We could certainly see some consolidation in the EUR in the short run but absent a more significant rebound – back through 1.4250 – medium-term risks will remain geared towards low, or lower, levels prevailing.”
“A high close on the week may signal more short-term gains/consolidation but trend momentum oscillators are bearishly aligned across medium, long and very long-term timeframes, meaning minor EUR rallies are liable to attract better selling interest.”