FXStreet (Guatemala) - Analysts at TD Securities explained that EUR/CAD has lost nine big figures in the past three weeks and has crashed through all the major support points on the daily chart.

Key Quotes:

"Here too, trend momentum signals are aligned bearishly across a range of timeframes, meaning little or no chance of a major EUR rebound from a technical perspective at this point."

"Short-term corrections are likely to attract sellers. We will monitor the 1.3450 area through the close of the week though as this is the 61.8% retracement support of the 2012/2014 1.21/1.55 rally."

"Holding here through the week-end would suggest some scope for a stabilization in the sell off but the break down from the late 2014/early 2015 range really gives the impression that there is more downside risk here overall."

"We target 1.32/1.33 in the next 1-2 months. Loss of retracement support at 1.3450 would suggest a drop to 1.29 in the next 3-6 months."