EUR/CAD 4H Chart: Could edge lower
The single European currency has edged higher by 1.49% against the Canadian Dollar since the beginning of September. The currency pair breached the 1.5660 level on September 22.
Given that the exchange rate has breached the lower boundary of an ascending channel pattern, bearish traders could pressure the EUR/CAD pair lower within this week's sessions.
However, a support level at the 1.5510 area could provide support for the currency exchange rate in the shorter term.
EUR/AUD 4H Chart: Buying signals
The common European currency has surged by 2.65% against the Australian Dollar since the middle of September. The EUR/AUD currency pair tested the 1.6600 level last week.
All things being equal, the exchange rate could continue to trend bullish during the following trading sessions. A breakout could occur through the upper boundary of an ascending channel pattern.
However, the currency exchange rate could make a brief retracement towards the 1.6250 area this week.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.