EUR/CAD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since the very beginning of the year, the single European currency has been on the rise versus the Canadian Dollar. In mid-January, the pair started to shape a channel up pattern that took the currency couple to a four-year high of 1.5443. The pair now is vacillating slightly above this mark and above the pattern's resistance, adding to signs that a sharp rally may lie ahead. The SWFX data mostly bolsters the bullish view, showing that 54% of all orders are placed to buy the pair. Technical indicator also are pointing to a rally in the short, medium and long terms.
© Dukascopy Bank SA
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