Price Action: EUR/CAD 4H
The Euro has decreased by 1.74% against the Loonie since the start of this month.On the daily time frame we can see that price is trending bearish in a descending channel pattern. On the 4-hour time frame the price also made a descending channel pattern which pressed the pair lower last week. The currency pair rejected the monthly S1 support level during Friday's trading session and is now trading near the upper boundary line of the 4-hour descending channel. Presumably, EUR/CAD could continue to edge higher if the upper boundary line breaks during the following sessions. The potential target for bullish traders would be around the monthly pivot point. Nonetheless, the descending channel pattern's upper boundary line could provide resistance to the exchange rate and push the price lower this week to around the monthly S1 level again.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.