EUR/CAD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The pair recently received a bearish impetus near the up-trend resistance at 1.4736. However, at the moment the pair's bears are trying to drag EUR/CAD below the monthly R1 at 1.4698. We expect that to happen despite the bullish 4H and daily technical studies as the longer term (weekly) technicals point downwards. The next key support level is around 1.46, which also remains a target for this Channel Up pattern. Also, the pair is hovering around the lower levels this year, thus there is a room for further gains. The market is sharing the same amount of bullish and bearish traders at the moment, indicating on uncertainty among the market participants.
© Dukascopy Bank SA
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