Sat, Jan 16, 2021 @ 02:45 GMT
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EUR/CAD 4H Chart: Two Scenarios Likely

The Eurozone single currency has surged by 1.34% against the Canadian Dollar since November 9. The currency pair breached the 50-, 100– and 200– period SMAs during last week’s trading sessions.

Currently, the exchange rate is trading near the upper boundary of a descending channel pattern at 1.5518 and could be set for a breakout.

If the channel pattern holds, a decline towards the 1.5350 level could be expected within this week’s trading sessions.

However, if the EUR/CAD pair breaks the descending channel pattern, bullish traders would drive the price towards the weekly resistance level at 1.5750 during the following trading sessions.

Dukascopy Swiss FX Group
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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