Nested batch for loops

The following nested for-loop drives me mad (on Windows 7):

@echo off
SetLocal EnableDelayedExpansion

set TESTDIRS=fast mid slow
set TD=src\test\resources\testsuite

for %%d in (%TESTDIRS%) do (
    set CTD=%TD%\%%d
    echo CTD: !CTD!
        REM Echos the expected path
    echo CTD: %CTD%
        REM Echos nothing -- understandable

    for /R !CTD! %%f in (*.fs) do (echo %%f)
        REM Echos nothing -- why?
    for /R src\test\resources\testsuite\fast %%f in (*.fs) do (echo %%f)
        REM Echos expected files
)

I tried various solutions involving disabling DelayedExpansion, call-statements and whatnot, but I never got the inner loop working. I know that I could replace the inner loop by a subroutine call, but there gotta be a way to make it work with nested loops.