EUR/CAD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The bears are currently targeting Nov 12 low at 1.4183, after they breached both weekly and daily S1 at 1.4215/07. Success here should imply a future decline down to Nov 10 low at 1.4163. The next demand to watch will be located at 1.4076, with support offered by the weekly S2. Meantime, the pattern's lower trend-line is located slightly below the latter level at 1.4045. Judging from hourly and four-hour technical indicators, the Canadian Dollar will appreciate at the expense of the Euro in the near term. Moreover, the majority (71%) of SWFX market participants preserve bearish stance with respect to EUR/CAD. Meanwhile, violation of the 1.40 psychological mark can cause a long term drop down to Apr low at 1.3024.
© Dukascopy Bank SA

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