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A precipitous 270-pip decline that took place last week was followed by a long consolidation phase. As a result, there is a symmetrical triangle emerging on the hourly chart of EUR/CAD. Accordingly, there is a good chance that the up-trend support line (currently at 1.5039) is going to eventually give in to the downward pressure and allow further extension of the sell-off started at the beginning of April.
However, there are few confirmations of this course of events in the future. Neither the technical indicators (with a few exceptions on the daily chart) nor the sentiment of the market (only 56% of traders are holding short positions) are in favour of a dip.
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