Trade of the Day: EUR/CAD

EUR/CAD falling inside the 30-minute Down Channel chart pattern, which was recently identified by Autochartist. The chart pattern indicates possible bearish price movement toward the target level 1.4705. The following are the optimal entry and stop-loss levels calculated by Autochartist:  entry at 1.4727 with the protective stop-loss at 1.4761.

As can be seen from the weekly EUR/CAD chart below – the pair earlier reversed down from the long-term resistance level 1.4800 (which has been reversing the pair from the start of this year), standing close to the upper weekly Bollinger Band. The proximity of the resistance level 1.4800 increases the probability EUR/CAD will continue to fall toward the target level 1.4705.