EUR/CAD 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The bias towards EUR/CAD is bullish. The currency pair has recently broken through the long-term moving average, and a majority of the technical studies is pointing north. However, we would like to see a close above the last week's high to confirm the bullish outlook. The next target would then be the weekly R2 at 1.5020, followed by the weekly R3 and Sep high at 1.5150. On the other hand, violation of 1.4770 will imply a sell-off. First, down to the weekly PP at 1.4725, then to a solid support level at 1.46, represented by the Oct 15 low. As for the distribution between the bulls and bears, it is strongly skewed in favour of the latter, who take up 71% of the market.
© Dukascopy Bank SA
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Thu, 22 Oct 2015 12:50:09 GMT

GBP/CAD 1H Chart: Broadening Rising Wedge

Initially it was expected that the GBP/CAD cross could easily bounce back from the pattern's upper trend-line and start heading downwards. However, the upward tendency resumed on Thursday, and now the price is again nearing the boundary at 2.0340. Additional support is coming from the weekly R2 at 2.0278. The idea of growth is only partly shared by daily technical

Thu, 22 Oct 2015 07:05:26 GMT

EUR/TRY 1H Chart: Channel Up

The near-term outlook for EUR/TRY is positive, as the pair is currently trading near the lower trend-line of the bullish channel. Accordingly, we expect a rally from 3.2815 up to 3.3150 during the next few days. However, the longer-term recovery of the European currency is doubtful. The upside is limited by several tough resistances, including the weekly PP, 200-hour SMA

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