EUR/CAD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Comment: We continue observing development of the bullish channel on EUR/CAD's chart. But now there are worrying signs that the lower boundary of the pattern may be broken to the downside, thus invalidating the long-term bullish outlook on the instrument. The currency pair has recently attempted to recover from the up-trend, but was stopped by the long-term moving average, which forced the Euro to return to its previous position. Moreover, some of the near-term technical indicators are giving bearish signals, implying that the rising support line at 1.5149 may not withstand the current selling pressure. Still, at the same time most of the weekly studies are positive.
© Dukascopy Bank SA
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