Trade of the Day: EUR/CAD

By: Dima Chernovolov

EUR/CAD continues to rise inside the hourly Triangle chart pattern, which was previously identified by Autochartist. Autochartist rates the quality of this Triangle at the 3-bar level – which is the result of the slow Initial Trend (1 bar), low Uniformity (2 bars) and significant Uniformity (7 bars). EUR/CAD is expected to rise further inside this Triangle.

As can be seen from the daily EUR/CAD chart below – the pair earlier reversed up from the support zone lying between the key support level 1.4175 (which has been reversing the price from last month) and the lower daily Bollinger Band. The proximity of this support zone adds to the probability EUR/CAD will continue to rise inside this Triangle.