EUR/CAD 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/CAD exhibits strong bearish momentum. The currency pair has recently violated several notable 2013 lows, and it seems ready to extend the losses even further. The immediate support is at 1.33, represented by the weekly S2, monthly S3, and lower boundary of the channel. Accordingly, there is a good chance we are going to see an upward correction from there. In the meantime, the rallies should be limited by the supply area around 1.35, which is implied by the weekly S1 level and the upper boundary of the channel. As for the SWFX sentiment, the traders seem undecided with respect to the pair. Right now 47% of positions are long and 53% are short.
© Dukascopy Bank SA
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