EUR/CAD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since the bears were unable to force the Euro to dip under 1.4040, the bulls regained control of the market and started to push the price higher while keeping it between two parallel trend-lines.
Right now EUR/CAD is in the middle of a bullish wave, which is struggling to cross the 200-hour SMA. Unless the weekly pivot point at 1.4130 gives in, the resistance at 1.4160 should soon be broken, which in turn will open a path towards the Nov 13 high at 1.4215, also the current location of the weekly R1 and up-trend. In the meantime, the sentiment of the traders is neutral—47% of open positions are long and 53% are short.
© Dukascopy Bank SA
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