EUR/CAD 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Currently, there is a great opportunity for the EUR/CAD currency pair to rally, especially considering the pair's location near the lower trend-line of the bullish pattern. However, for the positive trend to be established, the common currency is required to escape the vicinity of many technical levels in the 1.38-1.39 area. Two most important resistances are the weekly PP and 200-hour SMA. In case the pair jumps above them, the short-term bulls' target will become the weekly R1 at 1.4046, followed by the weekly R2 at 1.4207. Meanwhile, this idea is supported by the aggregate technical indicators. However, 61% of SWFX traders remain short on the Euro versus the Canadian Dollar.
© Dukascopy Bank SA
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Wed, 17 Jun 2015 13:49:03 GMT

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