The movement of the EUR/CAD currency pair has been guided by a junior ascending channel. The pair tested the upper boundary of the channel on June 22 and has since made a temporary retracement down.
The exchange rate has been trading along the 55-, 100-, and 200– hour simple moving averages since the beginning of this month as both bulls and bears traders are unable to move the rate to either direction.
Technical indicators suggest that bullish momentum is likely to come into play during the following trading sessions. If and when this scenario occurs, the currency exchange rate could breakout from a triangle pattern today.
