EUR/CAD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
While the short-term bias is bearish, as the pair is expected to bounce off of resistance at 1.5150, according to graphical analysis and technical indicators the Euro is likely to outperform the Loonie in the longer-term perspective. However, a rebound may start not at 1.48, where we have the lower boundary of the recently established pattern, but a little sooner, when the rate reaches 1.4850. The latter support is implied by the trend-line in the daily chart, and it connects the April low to this month's minimum. Meanwhile, a close beneath 1.48 will be a strong bearish sign for the long term. Potentially this could lead to a sell-off towards 1.4050, the 200-day simple moving average.
© Dukascopy Bank SA
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