EUR/CAD 1D Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascpy Bank SA
© Dukascpy Bank SA
A flattish channel up has been running the trend for EUR/CAD since April, and is currently on its way towards the upper trend-line of the pattern at 1.4952. With various SMAs and a cloud below lifting the pair up, it is likely to reach the trend-line with ease, with a single obstacle at 1.4881. In case bullish momentum beats closest upside restrictions, including the trend-line of the channel, a climb above 1.4991 would send the pair skyrocketing with a potential target at 1.5142, the midpoint of the January-April dip. When it comes to downside risk, however, we are looking for a close beneath 1.4388/79, both the channel line and the two-month bearish trend-line to conclusively see a downtrend further on.
© Dukascpy Bank SA
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