Trade of the Day: EUR/CAD

EUR/CAD continues to rise inside the 30-minute Down Channel chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Up Channel at the 6-bar level – which is the result of the slow Initial Trend (4 bars), average Uniformity (5 bars) and maximum Clarity (10 bars). EUR/CAD is expected to rise further inside this Down Channel.

As can be seen from the daily EUR/CAD chart below – the pair earlier reversed up from the key support area located between the pivotal support level 1.4260 (previous monthly low from January), lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward impulse from November. The proximity of this support area, strong daily uptrend and the oversold daily Stochastic increases the probability EUR/CAD will continue to rise inside this Down Channel.