EUR/CAD 4H Chart: Channel Up
The common European currency recently passed a significant cluster of resistance against the Canadian Dollar. The cluster is made up of the 61.80% Fibonacci retracement level of the 2015 low and 2016 high levels and the monthly R1. Both of these levels of significance are located near the 1.4920 mark. However, they have begun to provide support in the pair’s efforts to surge.
Meanwhile, resistance is still being provided by the upper trend line of a ascending channel pattern, which has guided the pair for almost half a month. If both, the resistance and support hold their ground, the currency exchange rate is most likely going to form a new ascending pattern, which would have a 45 degree incline.
Meanwhile, resistance is still being provided by the upper trend line of a ascending channel pattern, which has guided the pair for almost half a month. If both, the resistance and support hold their ground, the currency exchange rate is most likely going to form a new ascending pattern, which would have a 45 degree incline.
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