EUR/CAD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The common European currency is simultaneously in three channel patterns against the Canadian Dollar, as one of the channels is set to be broken soon. From a long term perspective the Euro is appreciating against the Loonie, as there is an ascending channel pattern. Secondly on a mediums scale there is a channel down pattern, which represents the bounce off and the following move of the rate from the larger channels upper trend line to its support level. Third is the short term channel, which is an equivalent of the previously described move on a smaller scale. It is a complex situation to be explained shortly, however, the outcome can be clearly seen that the rate has already found enormous support around 1.4630 level, where all of the three channel support lines met, and the has begun a rebound.
© Dukascopy Bank SA
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