EUR/CAD 4H Chart: Channel Down

However, in order for EUR/CAD to preserve its bearish tendency in the longer term, the currency pair is required to pierce through the tough 200-period SMA and reach the lower boundary of the corridor at 1.4789, which in turn is strengthened by the weekly S2 level. If, on the other hand, the resistance at 1.51 is breached first, the exchange rate will be well-positioned to recover all the way up to the local highs and the weekly R2 at 1.5268.