Daily Forex Update: EUR/CAD

By: Dima Chernovolov

EUR/CAD continues to rise inside the 4-hour Rising Wedge chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 3-bar level – which is the result of the slow Initial Trend (one bar), below-average Uniformity (3 bars) and stronger Clarity (6 bars). EUR/CAD expected to rise further inside this Rising Wedge – in line with the earlier upward reversal from the powerful support zone highlighted below.

As can be seen from the weekly EUR/CAD chart below, the pair earlier reversed up with the weekly Hammer from the powerful support area lying between the key support level 1.4920 (which has been reversing the price from the end of 2017), lower weekly Bollinger Band and the 61.8% Fibonacci correction of the previous upward impulse from last year. The strength of the active impulse wave from this support area increases the probability EUR/CAD will continue to rise inside this Rising Wedge.

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