EUR/CAD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The European currency is in a channel down patter, which it entered on May 4, against the Canadian Dollar. At the moment, the currency exchange rate is on its way down at 1.4477, as it bounced off the upper trend line at 1.4602 on Monday morning. In addition, the rate has passed the weekly pivot point at 1.4516 and the 100-period SMA at 1.4524. At the moment the EUR/CAD pair is moving to the first weekly support at 1.4391. Afterwards, the pair will likely move towards the 1.4353 level, where the monthly S1 is located, and below that is the lower trend line at 1.4272. The market sentiment on the pair is slightly bullish, as 54% of open positions are long.
© Dukascopy Bank SA
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