Dukascopy
Short

EURCAD 4H Chart: Formed new wave

FX:EURCAD   Euro / Canadian Dollar
The Eurozone single currency has been constrained by a dominant ascending channel against the Canadian Dollar . However, a new junior descending channel has been spotted.
After hitting the upper boundary of the dominant channel, the currency pair began to decline and has formed a new wave south. The combination of the 55-, 100-, and the 200– hour SMAs demonstrate that the decline is likely to be long-term.
Technical indicators suggest that bears dominance over the EUR/CAD currency exchange rate could continue until it reaches the bottom border of the junior channel where the weekly pivot point at 1.5360 is located.
 
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