EUR/CAD 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
As a result of Euro's failure to overcome resistance at 1.4330, the bears took control of EUR/CAD and pushed the price down to 1.3722. From here we can see a rebound, being that this is the current level of the lower boundary of the bearish channel the pair has been trading within since late February. However, the potential rally is unlikely to extend the rally far beyond 1.39, being that the overall bias is negative, and the risks are skewed to the downside. In the meantime, the SWFX market appears to be undecided, being that 55% of open positions are long and 45% are short, and the technical indicators are largely mixed, with only the hourly ones distinctly pointing south.
© Dukascopy Bank SA
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