EUR/CAD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/CAD appears to be bullish in all time frames. During the next few days the currency pair is expected to extend recovery up to 1.51 after it confirmed the green trend-line. The medium-term outlook is bullish due to the channel the Euro is currently forming. Finally, the long-term prospects are positive as well because of the six-month up-trend that is likely to prevent dips beneath 1.47 and because the spot price remains above the long-term moving average. Additionally, a large portion of the technical studies is pointing north. Still, the sentiment in the market towards EUR/CAD is strongly bearish, as 71% of open positions are short.
© Dukascopy Bank SA
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