EUR/CAD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
The break out of the descending channel last week came as a confirmation of a senior monthly channel up at 1.4636, which lacked evidence before. Decent bullish momentum carries EUR/CAD towards the upper trend-line of the channel, setting 1.4902/08 as the near-term resistance target. Grabbing onto demand pressures that stem from the golden cross formation below, a break above this level would shift risk to 1.4931/36, where a bullish outburst would induce a rally towards 1.5037, the upper trend-line of the channel. An overwhelming majority of bears as well as various time-frame technical indicators pointing north in the SWFX EUR/CAD market just add fuel to the fire, confirming the bullish technical picture.
© Dukascopy Bank SA
© Dukascopy Bank SA
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