EUR/CAD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Opposite to the previously discussed currency pair, the Euro/Loonie cross has formed a bearish channel on the four-hour chart. As a recent development, the pair has been heading downwards from the upper-boundary and will most likely continue doing that in the nearest future. Short-term indicators send bearish signals at the moment, while daily ones are mixed. However, negative outlook is restored by weekly studies. SWFX traders, in turn, are undecided on future development of this currency cross, as only 52% of all opened positions are short. Still, the short-term downward action until monthly S1 at 1.4111 is possible. If the pair crosses this level, then we can expect it to drop down to 1.3980.
© Dukascopy Bank SA
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