EUR/CAD 4H Chart: Set for breakout

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Indicator4H1D1W
MACD(12;26;9)BuySellSell
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralNeutralNeutral
Alligator(13;8;5)BuySellSell
SAR(0.02;0.2)SellBuySell
Aggregate

Downside momentum has continued to dominate the EUR/CAD currency pair since the rate hit a psychological price level of 1.5200 on March 25.

The exchange rate is trading near the upper boundary of a junior descending channel pattern at 1.5023 during the first half of Monday's trading session and could be set for a breakout.

If this breakout occurs, the common European currency could aim for a swing high of 1.5210 in the short-term.

However, if the currency exchange rate fails to break the junior descending channel, bearish traders could push the pair towards a support line at 1.4928 within this week's trading sessions.

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