Daily Forex Update: EUR/CAD

By: Dima Chernovolov

Autochartist recently identified the clear Triangle chart pattern on the EUR/CAD charts. The overall Quality of this chart pattern is measured at the 6-bar level – which is the result of the slow Initial Trend (3 bars), above-average Uniformity (6-bars) and substantial Clarity (8 bars). Higher Clarity reflects the strength of the price impulses between the upper and lower trendlines of this Triangle. EUR/CAD is expected to rise inside this chart pattern in the coming trading sessions.

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As can be seen from the following PowerStats chart – the upper boundary of the daily Expected Price Range calculated for this currency pair (1.4753) nearly coincides with the upper resistance trendline of the aforementioned Triangle – which adds to the probability EUR/CAD will continue to rise tomorrow.

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