EUR/CAD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The general outlook on EUR/CAD is strongly bearish, as the currency pair has recently confirmed the 13-month trend-line broken in mid-April by bouncing off of resistance at 1.48. The downside risks are also increased by the fact that 71% of traders are already long the single currency.

Regardless of the mixed technical indicators, the near-term bias towards the Euro is bearish as well, as the price has established a descending channel of decent quality. While staying beneath the upper boundary of the pattern at 1.4620, the rate is expected to slide down to 1.4490, where it should probe the lower edge of the channel and then begin an upward correction.
© Dukascopy Bank SA
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