The common European currency continues to trade against the Canadian Dollar simultaneously in the medium term ascending and short term descending channels. The junior channel represents a rebound of the currency exchange rate from the upper trend line of the dominant channel, supported by the monthly R1 at 1.5199. At the present moment, the pair is trying to reach the bottom edge of the senior pattern. In this case, a rebound most probably is going to follow, as the rate will have to face a combined support of the weekly S2 at 1.4894 and 61.8% Fibonacci retracement level of the 2016 high and 2015 low levels at 1.4878.
| Level | Rationale | Indicator | 4H | 1D | 1W | |||
| R4 | 1.5090 | Weekly PP | MACD (12; 26; 9) | Sell | Sell | Sell | ||
| R3 | 1.5080 | Trend line | RSI (14) | Sell | Buy | Buy | ||
| R2 | 1.5057 | 20-period SMA | Stochastic (5; 3; 3) | Buy | Neutral | Neutral | ||
| R1 | 1.5041 | 100-period SMA | ADX (14) | Sell | Sell | Sell | ||
| S1 | 1.4980 | Bottom Bollinger Band | CCI (14) | Sell | Neutral | Neutral | ||
| S2 | 1.4971/70 | Weekly S1; Trend line | AROON (14) | Buy | Neutral | Neutral | ||
| S3 | 1.4897/84 | Trend line; Weekly S2 | Alligator (13; 8; 5) | Buy | Buy | Buy | ||
| S4 | 1.4878 | 61.8% Fibo | SAR (0.02; 0.2) | Sell | Buy | Buy | ||
| Aggregate | ↘ | → | → |