EUR/CAD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Despite trading in a narrow range right between 1.4070 and 1.4290, the EUR/CAD cross managed to create a bullish channel pattern on the hourly chart. At the moment the pair is trying to bounce from the lower trend-line of it and begin increasing in value. A strong support for bulls is provided not only by the boundary at 1.4271, but also by a bunch of demand levels around 1.4250 (weekly PP; 200-hour SMA). Therefore, we expect the Euro to gain value in the near term, even though a goal of reaching the upper trend-line will be difficult to achieve due to sharp slope of the pattern. Meanwhile, the bullish move is currently opposed by the majority (57%) of SWFX traders.
© Dukascopy Bank SA
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