EUR/CAD 4H Chart: Channel Up

Similarly to NZD/CAD, Euro-loonie has also been consistently respecting two parallel rising trend-lines lately. And, judging by the technical studies and the fact that EUR/CAD is presently near the dense demand zone at 1.5037 (weekly PP; 200-period SMA; up-trend), the bias towards this currency pair is strongly bullish as well, since it may reach a level of 1.57 in the next few weeks, even though there are a couple of resistances represented by the recent highs and the weekly pivots.

Still, a large portion of the market participants oppose appreciation of the common currency, as 50% of open positions are short at the moment.