EUR/CAD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/CAD bottomed out on May 26, being unable to pierce through support at 1.3430, which has been proving its significance throughout May. As a result, the currency pair is now forming a bullish channel, and the technical indicators reinforce the positive bias. In the short term the exchange rate may fall, but the dip should be limited by 1.3570, where the daily S1 merges with the 200-hour SMA and up-trend. The target is the upper boundary of the pattern at 1.3720, but the bulls will have to push through a potentially dangerous resistance level at 1.3675. Meanwhile, the sentiment is moderately positive, since 59% of open positions are long and the remaining 41% are short.
© Dukascopy Bank SA
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