Trade of the Day: EUR/CAD

EUR/CAD recently broke the key support level 1.4514, which was earlier identified by Autochartist. Autochartist rates the Significance of this support level at the 3-bar level – which is the result of the three earlier reversals from this price level. EUR/CAD is expected to fall toward the forecast price 1.4484 – in line with the earlier downward reversal from the key resistance level shown below.

As can be seen from the daily EUR/CAD chart below – the pair earlier reversed down from the resistance zone located between the key resistance level 1.4600 (previous monthly high from December) intersecting with the upper daily Bollinger Band. The proximity of this resistance area, overbought daily Stochastic add to the probability EUR/CAD will continue to fall toward the forecast price 1.4484.