EUR/CAD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/CAD is trying to exit the trading range that it had been bound by for the four previous months with a step above the upper trend-line of 1.4271. The pair sketched a channel up pattern to lead the motion north and managed to hold it in power when crossing the significant level. The bounce from the upper trend-line that has now led to a ranging motion will most likely target 1.4271 once again for a retracement and then move towards the bottom boundary of the channel in a flat or just slightly bearish movement. Overall, we will eye the significant area for signs that would indicate if the breakout is false or credible.
© Dukascopy Bank SA
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