EUR/CAD 1D Chart: Channel Down

17 Jul 2017

EUR/CAD 1D Chart: Channel Down

• The common European currency is trading against the Canadian Dollar simultaneously in long-term and short-term descending channels.
  
• The junior channel represents a rebound of the currency exchange rate from the second reaction high of the one and a half year long senior pattern.
  
  
• In the long run, the pair is expected to climb down in accordance with the new downtrend.
  
• In the short run, the rate most probably is going to slide to a combined support level formed by the 200-hour SMA, the monthly S2 at 1.4402 and the weekly S1 at 1.4383.
  
  
• On the hand, the announcement of the Minimum Bid Rate by the ECB this week might pull the pair to the weekly PP at 1.4607, which is additionally backed up by the monthly S1.