EUR/CAD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since early November the single currency has been indefatigably rising against the Canadian Dollar. The latest part of the rally has been taking place within the area bounded by two parallel upward sloping lines that pushed the pair towards a four-year high of 1.5398 in last trading session of February.
Now the pair is trading near the lower trend-line that is considerably lower than the recent peak. However, the breakout is unlikely given a strong support pertaining to the 200-hour SMA that is meandering at the lower boundary of the channel. Technical data props up this, sending ‘buy' signals in medium and long terms.
© Dukascopy Bank SA
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