The Eurozone single currency has been constrained by a dominant ascending channel against the Canadian Dollar. However, a new junior descending channel has been spotted.
After hitting the upper boundary of the dominant channel, the currency pair began to decline and has formed a new wave south. The combination of the 55-, 100-, and the 200– hour SMAs demonstrate that the decline is likely to be long-term.
Technical indicators suggest that bears dominance over the EUR/CAD currency exchange rate could continue until it reaches the bottom border of the junior channel where the weekly pivot point at 1.5360 is located.
After hitting the upper boundary of the dominant channel, the currency pair began to decline and has formed a new wave south. The combination of the 55-, 100-, and the 200– hour SMAs demonstrate that the decline is likely to be long-term.
Technical indicators suggest that bears dominance over the EUR/CAD currency exchange rate could continue until it reaches the bottom border of the junior channel where the weekly pivot point at 1.5360 is located.