EUR/CAD 4H Chart: Meets strong resistance
The common European currency is hard to chart against the Canadian Dollar. However, due to the high demand for the pair on the Swiss Foreign Exchange, the Dukascopy Analytics team is doing one of the rare reviews of the pair.
In general the currency exchange rate is beginning a large scale decline due to bouncing off the resistance of a massive dominant channel up pattern. The decline has not been charted. However, our analysts have drawn a speculative channel down pattern.
In regards to the short term, the pair recently hit a strong resistance cluster at the 1.4950 mark, which has forced a retreat.
In general the currency exchange rate is beginning a large scale decline due to bouncing off the resistance of a massive dominant channel up pattern. The decline has not been charted. However, our analysts have drawn a speculative channel down pattern.
In regards to the short term, the pair recently hit a strong resistance cluster at the 1.4950 mark, which has forced a retreat.