Daily Forex Update: EUR/CAD

By: Dima Chernovolov

EUR/CAD continues to fall inside the 30-minute Down Channel chart pattern which was recently identified by Autochartist. Autochartist rates the quality of this Down Channel at the 8-bar level – which is the result of the sharp Initial Trend (9 bars), significant Uniformity (8 bars) and strong Clarity (7 bars). EUR/CAD is expected to fall further inside this Down Channel – in line with the earlier breakout of the key support level shown below.

As can be seen from the daily EUR/CAD chart below, the pair earlier broke the major support level 1.4810, which stopped the previous share downward waves in January and August. This price level is acting as strong resistance after it was broken. The proximity of this resistance level increases the probability EUR/CAD will continue to fall inside this Down Channel.

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