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.
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