Daily Forex Update: USD/CAD

By: Dima Chernovolov

USD/CAD continues to fall sharply – following the earlier breakout of the uniform Triangle chart pattern which was recently identified by Autochartist on the 4-hour charts. Autochartist rates the Quality of this chart pattern at the 7 bar level – which is the result of the low Initial Trend (3 bars), maximum Uniformity (10 bars) and significant Clarity (7 bars). The strength of this Triangle breakout is also measured by Autochartist at the maximum 10 bars level – which adds to the probability will soon reach the Forecast Price 1.2801.

06062016dailyfximage1

As can be seen from the PowerStats chart below – the lower boundary of the daily Expected Price Range calculated by Autochartist from this currency pair (1.2734) stands well below the Forecast Price calculated for the breakout of this Triangle (1.2801) – which increases the probability pair will continue to fall in the nearest time.

06062016dailyfximage2

To subscribe to the e-mail alerts feature is quick and easy. Log into the Autochartist platform, click on ‘Alerts & Messaging’, enter your email address, select the market you want covered, select your language, and the time you want to get your report, and you’re done! You will now receive a quick morning technical outlook of the markets.

 

For further information on this and other Autochartist products visit www.autochartist.com

 

0 Likes
964 Views

You may also like

Leave A Comment

Please enter your name. Please enter an valid email address. Please enter message.

Sign-up






* = Required Field