EUR/CAD 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Because of a solid resistance level at 1.3750 the currency pair had no other choice but to decline. Even though the technical indicators are largely mixed, with only the hourly ones demonstrating some bearish bias, the Euro still appears to be a good sell against the Canadian Dollar. EUR/CAD is expected to leave the falling trend-line at 1.33 intact and instead pursue the lower edge of the channel at 1.3132, despite the significant support levels at 1.3250 and at 1.3183. As for the attitude of the SWFX market participants, a majority (55%) of them are at the moment long the single currency, though the advantage over the bears is not yet critical.
© Dukascopy Bank SA
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