EUR/CAD 4H Chart: Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/CAD has been bearish since it broke through a one-year up-trend in mid-April. However, there is a high chance of a retracement back to resistance circa 1.47 before another sell-off, being that the currency pair is trading within the boundaries of a falling wedge, a pattern that implies weakening supply and strengthening demand. If the price manages to close above 1.4370 in the nearest future, the target will be a wide but dense supply area between 1.4740 and 1.4680, created by the up-trend, monthly PP, Apr 18 high and 200-period SMA. Still, considering that the technical studies are mostly bearish, the rate may descend down to either the monthly S2 or December 2015 low before rallying.
© Dukascopy Bank SA
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