Trade of the Day: EUR/CAD

EUR/CAD recently broke the hourly key resistance level 1.4654, which was identified by Autochartist. This chart pattern indicates possible bullish price movement toward the target level 1.4696. The following are the optimal entry and stop-loss levels calculated by Autochartist:  entry 1.4667 with the protective stop-loss at 1.4586.

As can be seen from the daily EUR/CAD chart below – the pair earlier reversed up from the pivotal support level 1.4600 (which has been reversing the pair from the start of November), strengthened by the 38.2% Fibonacci correction of the weekly upward impulse from September. Given the proximity of the support level 1.4600 and the oversold daily Stochastic, EUR/CAD can be expected to rise to the target level 1.4696.