Trade of the Day: EUR/CAD

EUR/CAD rising toward the key resistance level 1.4723, which was identified by Autochartist. This chart pattern indicates possible bullish price movement toward this price level. The following are the optimal entry and stop-loss levels calculated by Autochartist:  entry at 1.4668 with the protective stop-loss at 1.4620.

As can be seen from the daily EUR/CAD chart below – the pair earlier reversed up from the support level 1.4595 (former low from November) standing near the lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse from September. Given the strength of the support level 1.4595 and the oversold daily Stochastic, EUR/CAD can be expected to rise further toward the target level 1.4723.