EUR/CAD 4H Chart: Set for breakout

Source: Dukascopy Bank SA
Indicator4H1D1W
MACD(12;26;9)SellSellSell
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralBuyNeutral
Alligator(13;8;5)SellSellSell
SAR(0.02;0.2)SellBuySell
Aggregate

During the past week, the common European currency has depreciated about 0.90% in value against the Canadian Dollar. The currency pair has tested the lower band of an ascending channel pattern at 1.5016.

Technical indicators demonstrate that a breakout through the bottom border of an ascending channel could occur within this session.

If the breakout occurs, the EUR/CAD exchange rate will aim for a psychological support level at 1.4900 before the end of this week trading sessions.

However, if the uptrend channel holds, a surge towards a resistance cluster at 1.5148 could be expected.

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