EUR/CAD 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
There is a dense supply zone building up near the spot price of 1.4739 for the EUR/CAD currency pair. Here we have the first daily resistance line at 1.4741 and weekly R2 not far away at 1.4793. Alongside, the 200-hour SMA is rapidly moving to the South and will shortly enter the area below 1.48. Only a spike above the latter will ultimately confirm the bearish channel pattern and will neutralise current negative estimates. In the meantime, 1H and 4H technical indicators are long, meaning we could indeed see some purchasing activity. Nevertheless, the base scenario still considers a slide below 1.4577, the weekly R1, and further down to 1.4280 (trend-line). Adding to that, SWFX sentiment is neutral right now.
© Dukascopy Bank SA
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