Daily Forex Update: EUR/CAD

By: Dima Chernovolov

EUR/CAD continues to rise inside the clear Up Channel chart pattern which was recently identified by Autochartist on the 15-minute charts. Autochartist rates the quality of this Up Channel at the 9-bar level – which reflects the sharp Initial Trend (10 bars), above-average Uniformity (6 bars) and maximum Clarity (10 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 zone lying between the support level 1.5000, 50% Fibonacci correction of the previous upward impulse from November and the support trendline of the daily up channel from September. The proximity of this support area increases the probability EUR/CAD will continue to rise inside this Up Channel.

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