Daily Forex Update: EUR/CAD

By: Dima Chernovolov

Autochartist recently identified the breakout of the high-quality Triangle chart pattern on the daily EUR/CAD charts. Autochartist rates the Quality of this chart pattern at the 8 bar level – which is the result of the strong Initial Trend and Clarity (both rated at the 8 bar level) and significant Uniformity (7 bars). Autochartist rates the strength of this breakout at the 7-bar level – which adds to the probability the price will soon fall to the Forecast Price 1.4365.


As you can see from the following chart – the lower boundary of the daily Expected Price Range calculated by Autochartist for this currency pair (1.4322) stands below the Forecast Price calculated for this Triangle breakout (1.4365) – which also adds to the likelihood the pair will continue to fall during today’s trading session.


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