EUR/CAD 1H Chart: Double Top

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The peaks of the double top pattern formed by EUR/CAD are sitting near a five-year high, adding to chances that a sharp appreciation started in mid-December will soon come to an end as the pair may appear not strong enough to sustain this rally. However, the single currency is not rushing to lose ground versus the Canadian Dollar; the currency couple indeed commenced a decline after the second stab to the five-year high but after a dive under its 50-hour SMA, the currency couple paused its depreciation and seems to have postponed a plunge below the neck-line that would signal a long-term weakness of the pair.
© Dukascopy Bank SA
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