Dukascopy

EURCAD 4H Chart: Full review

FX:EURCAD   Euro / Canadian Dollar
EUR/CAD has been trading in an ascending channel since early January. The currency exchange rate has formed a new high during this period.

The bull movement was temporarily stopped by the weekly R1 at 1.5417 and retraces south for a brief period of time. The pair is likely to breach the dotted line and move further south.

Regarding the short-term, the pair might find support at the weekly S1 1.5203 combined with the 100—hour simple moving average . If looking at the Fibonacci retracement level, the pair is likely to move further south until it reaches the 50.00% level. This retracement can be measured with the low at 1.4819 and the high at 1.5417.
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