EUR/CAD 1H Chart: Ascending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The latest rally is having trouble surpassing supply at 1.5526. Nevertheless, the near-term risks are still considered to be skewed to the upside, being that while the new peaks are at the same level as the old peaks, the new lows are higher than the previous ones. This implies that demand is building up, and there is a decent chance of EUR/CAD rebounding from 1.5420 and subsequently piercing through 1.5526. However, this will be insufficient for the pair to confirm its long-term intentions. The main obstacle, namely the 2014 and 2015 highs, is still in the way. The rate will first need to surpass 1.5585/64 area before we are confident that the Euro is able to sustain upward momentum.
© Dukascopy Bank SA
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