EUR/CAD 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Relatively narrow channel up, with a distance between both trend lines of just 150 pips, was formed by EUR/CAD. Despite the fact the pair has been channelling up since September 6, the uptrend is likely to persist in the foreseeable future. The possible scenario can be a movement to pattern's support direction, while in a medium and long term the pair is likely to appreciate further. In this case, there are several resistance line for the long traders, including daily and weekly resistance around 1.4069, while just 20 pips above is located recent high and a Bollinger band. Speaking the short term outlook, bears are likely to push the pair to pattern's support and 4H support around 1.40.
© Dukascopy Bank SA
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