EUR/CAD 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The single currency has just approached the lower boundary of the channel up for the second time in two days; however, the trend-line was strong enough to hold the pair's bears. Most likely, such strength of this support line is explained by technical levels, which reinforce the trend-line, namely the monthly R2 and weekly pivot point. 
Looking at technical indicators, they expect the Euro to rebound eventually, while longer-term studies suggest the pair to trade sideways. Market participants, however, are undecided on pair's future development, being that 47% of all opened positions on the SWFX market are long and 53% short. 

© Dukascopy Bank SA
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