EUR/CAD 1H Chart: Channel Up

Even though EUR/CAD has recently fallen beneath the 200-hour SMA, it managed to regain the bullish momentum and form a channel up on an hourly chart. The main support the pattern provides is at 1.3655, a level that is also reinforced by the daily S1 at 1.3644 and the 200-hour SMA at 1.3634. Toughness of the zone implies a positive outlook on the currency pair. This view is shared by the technical indicators as well, being that on 4H and daily charts they are mostly bullish. As a result, we expect the price to grow as high as 1.3707 in the near term, rallying through the nearest resistance at 1.3671.