EUR/CAD 1H Chart: Double Bottom

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Following a massive sell-off that occurred earlier this month, EUR/CAD hit a strong support level at 1.4671 that did not allow the Euro to depreciate any further. As a result, there is a possibility the currency pair has formed a double bottom, a pattern that implies a reversal. Accordingly, in case the resistance at 1.4742 is broken, EUR/CAD will have a decent chance to recover all of the recent losses. However, on its way to the Jun 6 high at 1.4956 the rate will have to face a number of fairly tough resistances, such as the one at 1.4793, formed by the daily R2 and 200-hour SMA. On the other hand, the sentiment of the SWFX market is strongly bullish—62% of open positions are long.
© Dukascopy Bank SA
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