EUR/CAD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After bouncing from upper boundary of the channel up pattern, the pair was stopped by 55-hour SMA, then located at 1.4129. As a result, the single currency started gaining its value back and is currently trading just above the daily pivot point at 1.4165. Technical indicators support return to the upper trend-line in the nearest or medium-term future. Moreover, almost 56% of all market participants hold long opened positions on this currency pair. However, daily studies think the Euro will develop under bearish pressure, even though four indicators are neutral for the time being. Still, we tend to believe in bulls' ability to reach at least the major level of 1.42 before any further move to the south.
© Dukascopy Bank SA
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