Trade of the Day: EUR/CAD
EUR/CAD falling inside the 15-minute Down Channel chart pattern, which was previously identified by Autochartist. Autochartist rates the quality of this Down Channel at the 5-bar level – which is the result of the slow Initial Trend (2 bars), above-average Uniformity (6 bars) and higher Clarity (7 bars). EUR/CAD is expected to fall further inside this Down Channel.
As can be seen from the daily EUR/CAD chart below – the pair recently broke the strong support area set between the pivotal support level 1.4620 (which has been reversing the price from March) and the 50% Fibonacci correction of the upward impulse from February. This price area is acting as the strong resistance zone after it was broken. The proximity of this resistance area increases the probability EUR/CAD will continue to fall inside this Down Channel.