EUR/CAD continues to fall inside the Clear Triangle chart pattern identified today by Autochartist on the daily charts. Autochartist rates the overall Quality of this chart pattern at the 5 bar level as a result of the low Initial Trend (rated at the 3 bar level), above-average Uniformity (6 bars) and significant Clarity (7 bars). This Triangle continues the prevailing downtrend visible on the daily and the weekly EUR/CAD charts. This chart pattern follows the preceding strong downward price-thrust from the former support trendline of the longer-term upward correction from the June of 2010 (acting as resistance trendline after having been broken by this currency pair in the December of 2011, as is show on the second chart below). Both of the connecting points of the lower support trendline of this Triangle (points C and D on the chart below) formed when the pair reversed up from the strong support at 1.2900. This support level should be broken for the pair to fall further.
The following weekly EUR/CAD chart shows the technical price levels mentioned above:
EUR/CAD" title="EUR/CAD" width="595" height="628">
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Daily Forex Update: EUR/CAD
Published 05/04/2012, 06:43 AM
Updated 03/09/2019, 08:30 AM
Daily Forex Update: EUR/CAD
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