EUR-CAD weekly technical analysis

The Canadian dollar is trading within a channel that tends to drop a little bit. In another way, the price is considered to be in a cross zone in a cross channel that tends to decline. The price is trading at a support level at the last bottom, by meeting the lower edge of the trend channel.

We expect the price to rise again to visit the upper side of the channel while maintaining the stop loss outside the channel for both directions. As shown above, it is possible to enter long positions on the Canadian euro pair with the appropriate stop loss below the last low on the 4 hour chart.

Overall Direction: Incidental tend to decline