Trade of the Day: EUR/CAD

EUR/CAD recently broke the key resistance level 1.4285, which was recently identified by Autochartist. Autochartist rates the significance of this resistance level at the 5-bar level – which is the result of the 5 previous reversals from this price level. EUR/CAD is expected to rise further toward the forecast price 1.4362.

As can be seen from the weekly EUR/CAD chart below – the pair earlier reversed up from the support area set between the key support level 1.4240 (which has been reversing the price from January), lower weekly Bollinger Band and the 38.2% Fibonacci correction of the uptrend from last year.  The proximity of this support zone and the clear weekly uptrend increase the probability EUR/CAD will continue to rise toward the forecast price 1.4362.