Trade of the Day: EUR/CAD

By: Dima Chernovolov

EUR/CAD recently broke the 4-hour Triangle chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Triangle at the 5-bar level – which is the result of the below-average Initial Trend (4 bars), medium Uniformity (5 bars) and strong Clarity (8 bars). EUR/CAD is expected to rise toward the forecast price 1.3466.

As can be seen from the daily EUR/CAD chart below – the pair earlier reversed up from the support area located between the key support level 1.3325 (former resistance from the middle of September), 20-day moving average and the 38.2% Fibonacci correction of the upward impulse from August. The proximity of this support area adds to the probability EUR/CAD will continue to rise toward the forecast price 1.3466