EUR/CAD has been trading in an ascending channel since early January. The currency exchange rate has formed a new high during this period.
The bull movement was temporarily stopped by the weekly R1 at 1.5417 and retraces south for a brief period of time. The pair is likely to breach the dotted line and move further south.
Regarding the short-term, the pair might find support at the weekly S1 1.5203 combined with the 100—hour simple moving average. If looking at the Fibonacci retracement level, the pair is likely to move further south until it reaches the 50.00% level. This retracement can be measured with the low at 1.4819 and the high at 1.5417.
