A seven-week ascending channel pattern has guided the Eurozone single currency against the Canadian Dollar. The pair bounced off the lower boundary of the channel on August 16 and had since reached two months high level at 1.5317.
The exchange rate is trading near a resistance line formed by the monthly pivot point at 1.5317 during the morning hours of Thursday’s trading session. From a technical point of view, this resistance level could provide significant resistance for the price to reverse south and target a support level formed by the 100-hour SMA at 1.5214.
However, if this resistance is unable to hold, the currency exchange rate could target the upper boundary of the seven weeks ascending channel at 1.5473 during the following trading sessions.
