EUR/CAD 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
In the end of November, the EUR/CAD currency pair reached one of the highest monthly points  at 1.4269 and started a period of consolidation. Since then it has already lost around 200 pips and is ready to decline even more. The next major support line for the bears is located at 1.3986, represented by the weekly and daily S1. This level is likely to create some problems for the pair, but eventually we expect the Euro to breach it and hit the pattern's support in the medium-term. Short-term technical indicators point to the south, while others are neutral at the moment. SWFX traders, in turn, are undecided on pair's perspectives, as 50% of all opened positions are held both by bulls and bears.
© Dukascopy Bank SA
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