Daily Forex Update: EUR/CAD

By: Dima Chernovolov

EUR/CAD continues to rise inside the daily Down Channel chart pattern which recently identified by Autochartist. Autochartist rates the quality of this Down Channel at the 7-bar level – which is the result of the sharp Initial Trend (10 bars), below-average Uniformity (4 bars) and significant Clarity (7 bars). EUR/CAD is expected to rise further inside this Down Channel – in line with the earlier upward reversal from the combined support zone shown below.

As can be seen from the daily EUR/CAD chart below, the pair earlier reversed up with the daily Morning Star from the combined support zone located between the support level 1.4820, lower daily Bollinger Band and the 61.8% Fibonacci correction of the upward price impulse from September. The proximity of this support area heightens the probability EUR/CAD will continue to rise inside this Down Channel.

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