Daily Forex Update: EUR/CAD

By: Dima Chernovolov

EUR/CAD continues to rise inside the Clear Up Channel chart pattern, which was previously identified by Autochartist on the daily charts. Autochartist rates the Quality of this Up Channel at the 5 bar level – which reflects the slow Initial Trend (1 bar), significant Uniformity (7 bars) and near-maximum Clarity (rated at the 9 bar level). EUR/CAD is expected to rise inside this Up Channel – continuing the earlier upward reversal from the support zone described below.

As can be seen from the weekly EUR/CAD chart below, the pair recently reversed up from the support area located between the support level 1.4820, 38.2% Fibonacci correction of the upward impulse from April and the upper trendline of the recently broken weekly Falling Wedge from the start of 2016 (acting as support after it was broken). The price today broke above the round resistance level 1.5000 – which adds to the likelihood EUR/CAD will continue to rise inside this Up Channel.

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