| Indicator | 4H | 1D | 1W |
|---|---|---|---|
| MACD(12;26;9) | Sell | Sell | Sell |
| RSI(14) | Neutral | Neutral | Neutral |
| Stochastic(5;3;3) | Neutral | Neutral | Buy |
| Alligator(13;8;5) | Sell | Sell | Sell |
| SAR(0.02;0.2) | Sell | Buy | Sell |
| Aggregate | ⇘ | ⇒ | ⇘ |
The single European currency has been depreciating against the Canadian Dollar since the beginning of June. This southern movement has been bounded in a descending channel pattern.
Currently, the exchange rate is trading near the upper boundary of the descending channel pattern and could be set for a breakout.
If this breakout occurs, bullish traders could aim for a resistance cluster at 1.4899 within this week's trading sessions.
However, a resistance level formed by the weekly pivot point and the 50-hour simple moving average at 1.4699 could hinder bulls from pushing the currency exchange rate up.