EUR/CAD 4H Chart: Descending Channel

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The single European currency is trading in a descending channel pattern against the Canadian Dollar. However, the channel has a minor flaw in the form of huge volatility to the upside, which was caused by the US Election on November 9. In addition, the channel is approaching this year's low level of 1.4183, which is likely to provide support for the currency pair. Moreover, by looking at the length of the previous channels, it can be observed, that this pattern is most likely to break soon. That is consistent with a hypothesis, in which the 2016 low level breaks the channel. However, until that level there are no other support levels.
© Dukascopy Bank SA
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