EUR/CAD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
For the past weeks the Euro has formed an ascending channel pattern against the Canadian Dollar. The pattern is the result of a breakout from a triangle pattern, in which the currency exchange rate is on a much larger scale, as the triangle can be clearly seen only starting with the daily chart. At the moment, the common European currency is set to appreciate against the Loonie unopposed due to the fact that there are no resistances up to the level of 1.4850, where the upper trend line is located at and a strong resistance cluster begins. However, the rate might still touch the channel's support line once more, as there is room for a fall due to 66% of open SWFX positions being short. Moreover 86% of pending commands are to sell the Euro against the Canadian Dollar.
© Dukascopy Bank SA
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