Dukascopy

EUR/CAD 1H Chart: Fails to move higher in channel

FX:EURCAD   Euro / Canadian Dollar
The common European currency has been trading in a neat channel up against the Loonie since September 1. The pair managed to test both boundaries during the past two weeks, thus forming a junior channel down. This short-term pattern, however, is unlikely to hold for long due to its steepness.

After testing the monthly S1 at 1.4925 on December 6, the Euro tried to initiate a new wave up, but it failed to move past the 1.5172 mark on two separate occasions. It shows that the rate could still try to surpass this level within the following sessions.

Given that the southern side is guarded by a significant support area , this might sent the pair for a period of consolidation.

By and large, it is expected that the Euro breaches the aforementioned resistance this week and edges higher.

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