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 30-minute charts. Autochartist measures the Quality of this Triangle at the 6 bar level – which reflects the medium-strength Initial Trend (6 bars), below-average Uniformity (3 bars) and significant Clarity (8 bars). EUR/CAD is expected to rise to the forecast price 1.4330 in the nearest time.

As can be seen from the daily EUR/CAD chart below, the breakout of this Triangle follows the earlier upward reversal from the support zone lying between the support level 1.4240 (which also reversed the price in March), lower daily Bollinger Band, 50% Fibonacci correction of the upward impulse from November and the upper trendline of the recently broken daily down channel from 2016.  The proximity of this support zone increases the probability EUR/CAD will continue to rise toward the forecast price 1.4330.

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