EUR/CAD 1H Chart: Euro likely to breach steep channel

FX:EURCAD   Euro / Canadian Dollar
During the past two-and-a-half months, the Euro has been trading in a channel down against the Canadian Dollar . The pair reversed from the 1.4820 area on Tuesday, thus failing to test the bottom boundary of a prevailing six-month ascending channel . Following this move, the Euro accelerated and thus managed to reach the 1.5170 mark by early today.

From theoretical point of view, there is still some upside potential up to the medium pattern located near the 1.5220 area. However, technical indicators suggest that this surge is unlikely to occur in this session, thus favouring more a short-term correction southwards.

A possible target could be 1.50 where the 200– and 55–hour SMAs are located or the 100-hour SMA and the monthly S1 circa 1.4525. This slight period of decline should eventually be followed by appreciation up to the aforementioned 1.52 level.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Send feedback Ideas Published Followers Following Private Messages Chat Sign Out