EUR/CAD 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A stab to the highest level since at least 2010 weakened the pair that reversed its trend to the south and started a sharp decline. The decline represents a channel down pattern with 100% magnitude and 60% quality. On November 7, the single currency saw a plunge against most of its counterparts after the ECB decided to cut rates, the Canadian Dollar was not an exception with the Euro plummeting 210 pips against Canadian currency during the day. After this fall, the pair regained strength and managed to recover most of its losses. At the moment of writing, market participants were expecting the pair to start declining again, being bearish in 65.22% of cases.
© Dukascopy Bank SA
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