EUR/CAD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Short term perspectives for the EUR/CAD currency pair are mixed. The common currency is attempting to breach the upper trend line of the bearish pattern, which is guarded by the 200-hour SMA from above. On the other hand, demand is being provided by the weekly pivot point at 1.4622. Other support levels include 55/100-hour SMAs and daily S1 at 1.4580. In case the bullish scenario becomes a reality, the next target level of long traders will be placed at 1.4797. The most important supply, however, is located at 1.4911 (Oct 21 high). There a new sell-off is likely to commence, according to daily technical indicators and two thirds of SWFX market participants.
© Dukascopy Bank SA
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