As you can see from the following trade opportunity alert for EUR/CAD, this pair is expected to rise to the target level 1.3540 in 4 trading days. This trade alert is based on the Down Channel chart pattern (which is still in the process of forming) identified by Autochartist on the daily EUR/CAD charts. The target level for this forecast is set at 1.3540 (point B on the chart below) which is the last downward reversal point of the upper resistance trendline of this Down Channel. Autochartist sets the stop level at 1.31826 (point A, which is the bottom of this Down Channel). Point A formed recently when the pair corrected up from the support area lying at the intersection of the steep upward support trendline from August of 2012, the previous resistance level 1.3180 from the end of last year (acting as support now after it was broken) as well as the 38,2% Fibonacci Retracement of the preceding daily upward impulse from the start of the aforementioned upward trendline (as you can see on the second chart below).
EUR/CAD" title="EUR/CAD" width="600" height="343">
The following daily EUR/CAD chart shows the support levels mentioned above:
EUR/CAD - Daily" title="EUR/CAD - Daily" width="599" height="705">
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Daily Forex Update: EUR/CAD
Published 03/25/2013, 05:23 AM
Updated 03/09/2019, 08:30 AM
Daily Forex Update: EUR/CAD
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