EUR/CAD 1D Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
 Pair has been appreciating for quite some time and emergence of a Channel Up pattern was expected.  At the moment the pair is trading slightly below the mid point between the pattern's support and resistance. It seems that minor sell off in the past few days was caused by the 61.8% retracement of the 23rd of August to 6th of 6th of September move. It seems that this bearishness will last some time more, mainly due to the short term Stochastic. In the medium term, however, it should resume appreciated a suggested by the technical indicators on aggregate. Another key target in such case would be the August high around 1.41. 

© Dukascopy Bank SA
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Mon, 23 Sep 2013 14:12:05 GMT

GBP/CAD 4H Chart: Channel Up

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