Daily Forex Update: EUR/CAD
By: Dima Chernovolov
EUR/CAD continues to rise inside the 4-hour Up Channel chart pattern which was recently identified by Autochartist. Autochartist rates the quality of this Up Channel at the 4-bar level – which reflects the slow Initial Trend (1 bar), average Uniformity (5 bars) and significant Clarity (7 bars). EUR/CAD is expected to rise further inside this Up Channel – in line with the earlier upward reversal from the support zone shown below.
As can be seen from the daily EUR/CAD chart below, the price earlier reversed up from the support area lying between the pivotal support level 1.5380 (former resistance level from November and January) and the 50% Fibonacci correction of the previous sharp upward impulse from January. The proximity of this support area increases the probability EUR/CAD will continue to rise inside this Up Channel.
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