EUR/CAD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro keeps depreciating against the Loonie after an unsuccessful attack on 1.5920 in the first half of February. Taking into account that this pattern is the sell-off after the second peak in the double top (in the daily chart) reinforces the negative bias. However, we would like to see EUR/CAD closing under the January low (1.4950) first. The next target will then be the 200-day SMA at 1.4650, whereas given the height of the pattern (10 cents), the rate may well reach the December low at 1.4040. In the meantime, the technical indicators are mixed in all three relevant timeframes, while the sentiment in the SWFX market is moderately bullish—58% of open positions are currently long.
© Dukascopy Bank SA
Back to articles

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.