EUR/CAD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Our outlook on EUR/CAD is strongly bullish, as the pair has recently broken through the four-month falling resistance line and confirmed it as the new support. In addition, the technical indicators are mostly pointing north. Accordingly, we expect the price to rebound from 1.4520/20 and launch a new attack on a tough resistance level at 1.46, which proved to be important in mid-June. If this obstacle is overcome, the next potential target is 1.4735/30, namely the June high and the weekly R3, while an intermediate correction is likely to start when the price rises to 1.4680. The only argument against stronger Euro is sentiment in the market, being that the currency is overbought—62% of open positions are long.
© Dukascopy Bank SA
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