EUR/CAD continues to rise after recently reversing up from the lower support trendline of the 4-hour Down Channel identified by Autochartist, as can be seen from the following trade opportunity alert for this currency pair. EUR/CAD is expected to rise to the target level 1.3770 in the next 3 trading days. Autochartist set the stop-loss for this forecast at 1.3515 (point A, the bottom of this chart pattern). This point formed recently – when the pair reversed up from the support area lying at the intersection of the former resistance level 1.3510 (which previously reversed the pair down in April, acting as support now – after it was broken recently) and the 38.2% Fibonacci Retracement of the preceding sharp upward price impulse from the middle of May (as you can see on the second chart below).
EUR/CAD" width="600" height="367">
The following daily EUR/CAD chart shows the longer-term picture of this pair’s movement:
EUR/CAD 2" width="600" height="736">
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Daily Forex Update: EUR/CAD
Published 07/09/2013, 06:33 AM
Updated 03/09/2019, 08:30 AM
Daily Forex Update: EUR/CAD
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