Trade of the Day: EUR/CAD

By: Dima Chernovolov
EUR/CAD continues to rise toward the key resistance level 1.3589, 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 3 previous price reversals from this price level. EUR/CAD is expected to continue to rise toward the key resistance level 1.3589.

As can be seen from the monthly EUR/CAD chart below – the price earlier reversed up from the powerful support level 1.3435 (which stopped the price multiple times at the start of 2015), standing near the lower monthly Bollinger Band. The proximity of this support level increases the probability EUR/CAD will continue to rise toward the resistance level 1.3589.