EUR/CAD still points to losses extending to low 1.37s in next few weeks – Scotiabank

EUR/CAD rebounds strongly. Nonetheless, economists at Scotiabank remain bearish while the pair trades below the 1.4175, favouring a shift lower to the low 1.37s.

Fading gains while below 1.4175

“The double top/range breakdown that developed around the tests of 1.4615/1.4165 still points to EUR losses extending to the low 1.37s in the next few weeks.”

“EUR/CAD may rebound to the 1.41 area first before renewed selling pressure develops.”

“We favour fading EUR gains while the cross remains below 1.4175.”