EUR/CAD 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A rally that was initiated in late May has managed to push the price through the relatively recently established falling resistance line, which implies that EUR/CAD will keep advancing north. At the moment, however, the upside is capped by the upper edge of the channel, while the dips are likely to be limited by the trend-line that has just been broken. Accordingly, we expect low but rising volatility during the next several days. Once the bearish correction within the pattern is over, the May 24 high is to be the first target, followed by the May maximum at 1.4826. As for the SWFX sentiment—it seems to be against Euro's appreciation, being that almost three quarters of open positions are already long.
© Dukascopy Bank SA
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