Daily Forex Update: EUR/CAD

By: Dima Chernovolov

EUR/CAD recently broke the Clear Triangle chart pattern which was previously identified by Autochartist on the daily charts. The Quality of this chart pattern is rated by Autochartist at the 8-bar level – which reflects the significant Initial Trend (7 bars), above-average Uniformity (6 bars) and near-maximum Clarity (9 bars). Autochartist rates the strength of this Triangle breakout at the 8-bar level – which increases the probability the pair will soon reach the forecast price 1.4314.

As can be seen from the daily EUR/CAD chart below – the upper trendline of this Triangle is based on two price reversals from the strong resistance zone lying between the resistance level 1.4690, upper daily Bollinger Band and the 61.8% Fibonacci correction of the previous downward impulse from April. The proximity of this resistance zone adds to the likelihood EUR/CAD will soon reach the forecast price 1.4314.

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