Daily Forex Update: EUR/CAD
By: Dima Chernovolov
EUR/CAD continues to fall inside the daily Falling Wedge chart pattern which was recently identified by Autochartist. Autochartist measures the quality of this Falling Wedge at the 5-bar level – which is the result of the slow Initial Trend (3 bars), strong Uniformity (8 bars) and average Clarity (5 bars). EUR/CAD is expected to fall further inside this Falling Wedge – in line with the earlier downward reversal from the key resistance area shown below.
As can be seen from the daily EUR/CAD chart below, the top of this Falling Wedge when the pair reversed down from the resistance area located between the key resistance level 1.5100 (which also stopped the previous sharp upward impulse earlier this month), upper daily Bollinger Band and the 61.8% Fibonacci correction of the previous downward impulse from September. The proximity of this resistance area increases the probability EUR/CAD will continue to fall inside this Falling Wedge.
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