EUR/CAD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Having found dense demand zone at 1.34, the single European currency is currently trading in an up-trend. However, at the moment there is some hesitation observed in the vicinity of resistance at 1.3750 (weekly R1 and Jan low), despite the distinct bullish signals on the shorter-term time-frames.
Accordingly, there is a good chance of a sell-off, which should be limited by the trend-line, 200-hour SMA and weekly PP. If this support area fails, there is likely to be a decline at least down to 1.35, while a close above 1.3750 is expected to result in a rally towards 1.3930. Meanwhile, the SWFX traders are mostly Euro-bears, being that 66% of open positions are short.
© Dukascopy Bank SA
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