EUR/CAD 4 Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
As the resistance at 1.56 proved to be too tough for EUR/CAD to breach in March, the currency pair is now trading between two parallel trend-lines. The upper one, together with the weekly R2 level and 200-period SMA, is keeping the price away from 1.47 and the levels beyond. On the other hand, the lower one, at 1.44, appears to be a good estimator of temporary bullish corrections. And while the technical indicators are mostly pointing downwards, thus reinforcing the bearish scenario, the sentiment of the SWFX market is distinctly positive towards EUR/CAD—two thirds of the market participants are currently holding long positions, expecting the Euro to appreciate.
© Dukascopy Bank SA
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