EUR/CAD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A 337-bar long channel up pattern formed by EUR/CAD started on August 23. The pattern is more than 600-pips wide thus allowing the pair to perform large fluctuations within its territory. Recently, the currency couple has hit more than a five-year high of 1.4441 for the second time during the month; currently EUR/CAD is trading below this peak, albeit slightly. Market players are optimistic about the pair's prospects, being bullish in 75% of cases; in other words, traders expect the pair to overcome the five-year high that represents a formidable resistance that prevents a climb to the pattern's resistance.
© Dukascopy Bank SA
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