EUR/CAD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After touching 1.4728 on May 30, the pair moved towards the upper trend line, meaning traders are still ready to continue benefit from pair's fluctuation between two trend lines. Nevertheless, ECB's decision to cut rates provoked a massive sell off of the single currency and the pair was not able to reach the upper trend line. At the moment of writing, the price stood at 1.4748, just slightly below the daily S1. According to aggregate technical indicators, the pair will continue depreciating in the nearest future, thus, a move below 1.4720 can be expected. It is hard to predict whether the price will move significantly lower, as indicators on a daily and weekly chart are neutral.
© Dukascopy Bank SA
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