EUR/CAD 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
After experiencing a precipitous decline on Nov 20 the currency pair bottomed out at 1.4020 and returned back to the rising resistance line that may be drawn through the peaks staged since the beginning of November. Now this up-trend forms the upper boundary of the bullish channel—it creates strong resistance at 1.4534.
In the meantime, EUR/CAD has also been respecting the upward-sloping line that connects the minima since Nov 25. Accordingly, an extension of the dip beyond the level of 1.4459 is highly unlikely, also considering the presence of the daily pivot point there.

© Dukascopy Bank SA
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