EUR/CAD 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After breaking out of the falling wedge to the upside EUR/CAD has formed a bullish channel, meaning the Euro intends to travel further north, also considering the technical studies. The currency pair has recently confirmed support at 1.42, and it is thus headed toward the resistance trend-line. However, there are a few significant obstacles in the way of a rally. There is a combination of the daily R1 and Feb 11 high at 1.4342, followed by the weekly R1 level at 1.4405. At the same time, immediate support is at 1.4254 (daily and weekly PP), with the long-term SMA and up-trend at 1.4234.
The SWFX sentiment is bearish, 62% of open positions are short.
© Dukascopy Bank SA
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