Trade of the Day: EUR/CAD

By: Dima Chernovolov
EUR/CAD recently broke the key resistance level 1.3636, which was previously identified by Autochartist. Autochartist rates the Significance of this resistance level at the 3-bar level – which is the result of the three earlier price reversals from this price level. EUR/CAD is expected to continue to rise toward the forecast price 1.3683.

As can be seen from the daily EUR/CAD chart below – the price earlier reversed up with the daily Bullish Engulfing from the support area located between the key support level 1.3550 and the lower daily Bollinger Band. The proximity of this support zone adds to the probability EUR/CAD will continue to rise toward the forecast price 1.3683.