EUR/CAD 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Our Thursday's bullish scenario was realised, and EUR/CAD is now heading towards the June highs. Strong advancement beyond 1.47, however, does not appear to be likely There is a plethora of tough supply levels between 1.47 and 1.48 created by May highs. At the same time, the currency pair is losing its momentum, which is suggested by the fact that there are less technical indicators giving ‘buy' signals then last week. Nevertheless, we should note that the situation with the sentiment improved, but it still does not give a good reason to be bullish. Last Thursday the Euro was overbought, with 62% of open positions being long, but right now the traders are undecided—50% are long.
© Dukascopy Bank SA
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Tue, 02 Aug 2016 06:56:03 GMT

USD/CAD 4H Chart: Channel Up

USD/CAD is currently trading in a well-defined ascending channel, which implies a bullish outlook. However, there are plenty of reasons to doubt the ability of the US Dollar to appreciate in the longer term. For one, the Greenback is heavily overbought—71% of open positions are long. At the same time, a half of the weekly technical indicators is pointing south.

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