EUR/CAD 1D Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
There is an overall bullish outlook for the Euro's cross against the Canadian Dollar. Moreover, just now the pair is closing a leg down, which is likely to trigger another rally from 1.44. The green trend-line is the closest support at the moment, given that the 200-day SMA has been successfully tested last week. Moreover, positive forecasts are reinforced by weekly and monthly technical indicators. The lower boundary is additionally backed by the monthly S1 at 1.43. 
However, if there is failure under this support cluster, we should await an attack on the December low at 1.4043. The long-term target for short market participants is represented by the 2015 low at 1.3024.
© Dukascopy Bank SA
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