Trade of the Day: EUR/CAD

By: Dima Chernovolov

EUR/CAD rising toward the key resistance level 1.3551, which was previously identified by Autochartist. Autochartist rates the Significance of this resistance level at the 5-bar level – which is the result of the five previous price reversals from this price level. EUR/CAD is expected to continue to rise toward the resistance level 1.3551.

As can be seen from the daily EUR/CAD chart below – the price earlier reversed up with the daily Bullish Engulfing from the support level 1.34000 (which has been reversing the price from April) intersecting with the lower daily Bollinger Band. The proximity of the support level 1.3400 increases the probability EUR/CAD will continue to rise toward the resistance level 1.3551.