EUR/CAD 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since last Friday when we were discussing EUR/CAD last time, the pair soared to the upper trend line. Short-term technical indicators are still sending ‘buy' signals, meaning the pair can move slightly above pattern's resistance, putting 1.4569 on the map. More than 70% of traders also support bullish scenario, however, the long-term pair's appreciation is under question. A slight majority of pending orders in a 100-pip range are placed to sell the single currency versus the Lonnie, while technicals on a daily ad weekly charts are bearish as well. Hence, the long-term target for bears is located at 1.4419, right at the level of a recent low.
© Dukascopy Bank SA
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