EUR/CAD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although early this year EUR/CAD dived beneath the 200-period SMA, thereby endangering the long-term positive outlook, in the end it proved to remain bullish nonetheless. Subsequently, the currency pair has been trading between two parallel trend-lines, thus creating a channel up.
Considering that the Euro has recently tested the lower boundary of the pattern, there is an increased possibility that the rate will soon leave the vicinity of 1.5060 and start aiming for 1.57, the current location of the rising resistance line. Meanwhile, a significant majority of the market participants are not as optimistic—62% of open positions are short.

© Dukascopy Bank SA
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