By: Dima Chernovolov
EUR/CAD recently broke the daily Up Channel chart pattern which was recently identified by Autochartist. Autochartist rates the quality of this Up Channel at the 6-bar level – which is the result of the strong Initial Trend (7 bars), significant Uniformity (7 bars) and near-maximum Clarity (9 bars). EUR/CAD is expected to fall toward the forecast price 1.5244 – in line with the earlier downward reversal from the key resistance area shown below.
As can be seen from the daily EUR/CAD below, the top of this Up Channel formed when the pair reversed down from the resistance zone lying between the resistance level 1.5600 (which reversed the price sharply in June) and the upper daily Bollinger Band. The proximity of this resistance zone increases the probability EUR/CAD will continue to fall toward the forecast price 1.5244.
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