EUR/CAD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The market has been bearish since the second half of March, when EUR/CAD turned around ahead of 1.56. Now there is a downward-sloping channel emerging on the four-hour chart. The currency pair should thus be capped by a cluster of resistances between 1.4600 1.4650 (down-trend, weekly R1, Jul 14 high and 200-period SMA) and instead target the lower boundary of the corridor at 1.4335, which is currently reinforced by the weekly R3 level. However, despite the toughness of the supply area, neither the technical indicators (they are largely mixed), nor the SWFX sentiment (bullish with 62% of positions long) support depreciation of the Euro.
© Dukascopy Bank SA
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