Trade of the Day: EUR/CAD

EUR/CAD continues to rise inside the 4-hour Triangle chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Triangle at the 3-bar level – which is the result of the slow sharp Initial Trend (2 bars), medium Uniformity (5 bars) and strong Clarity (8 bars). EUR/CAD is expected to rise further inside this Triangle.

As can be seen from the weekly Triangle chart below – the pair earlier reversed up from the key support level 1.4300, intersecting with the 38.2% Fibonacci correction of the weekly upward impulse from last year. The proximity of the support level 1.4300 and the clear weekly uptrend add to the probability EUR/CAD will continue to rise inside this Triangle.