EUR/CAD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since late January EUR/CAD has been consistently trading within the boundaries of the bullish channel. The pattern assumes resistance at 1.5650 and support at 1.5147; the latter level has just been confirmed by the market.
Now the currency pair is heading towards 1.5291, which consists of the weekly pivot point and 200-period SMA and needs to be overcome to open a path leading to the upper boundary of the channel. In the meantime, the market sentiment is noticeably bearish, considering that 60% of traders expect the European currency to underperform relative to the Canadian Dollar in the future.

© Dukascopy Bank SA
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