The price movement for the EUR/CAD exchange rate has been constrained by several channels. The most important of which for swing traders is the junior ascending pattern in line with the dominant uptrend channel. Its bottom boundary was tested late May when the pair made a U-turn from the Monthly S1 at 1.4987.
The currency pair is likely to continue appreciating within the following trading sessions as it maintains the junior pattern. The rate could dash through a resistance cluster formed by the weekly and the monthly PPs near the 1.5435 mark today.
On the 4H time frame, technical indicators flash bearish signals. This could suggest a decline for the pair is likely in the short-term.
