EUR/CAD 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A 291-bar long channel up was formed by EUR/CAD on the first day of this year. It is rather interesting to monitor pair's future performance, as close to 1.50 the pair rejected almost immediately and moves lower, while pattern's support together with 200-hour SMA represent a strong support level. Nevertheless, technical indicators are either neutral or sending "buy" signals, supporting the case of another rally to a recent high at 1.4987. At the same time, both currencies are sold more often, with Euro being sold in 56% of all cases across the board, while loonie is sold in 58% of the time. Therefore, market sentiment is not clearly marked, and the pair will continue appreciating.
© Dukascopy Bank SA
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