EUR/CAD 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
We are short-term bullish on EUR/CAD, but the potential gains are limited. The currency pair is poised for a rally from the 200-hour SMA and the rising trend-line at 1.4580, but the rate is not seen as rising higher than a major resistance area circa 1.47. There the nine-week down-trend line is strengthened by the weekly R1 and June 2 high, and a test of this supply area is likely to trigger heavy selling, which should eventually force the pair out of the bullish channel it is currently trading within. An additional argument to be short EUR/CAD in the medium and long terms is traders' positioning: the share of longs in the SWFX market is already as high as 74%.
© Dukascopy Bank SA
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