EUR/CAD recently broke the daily down channel that was earlier identified by Autochartist – as you can see from the following trade alert for this currency pair. EUR/CAD is expected to rise to the target level 1.4877 in the next 5 trading days. Autochartist set the stop-level for this forecast at 1.4446 (point A). This point formed recently, when the pair reversed up from the support zone lying between the support level 1.4400 and the support trendline from August of 2012 (as is shown on the second chart below). The upward-sloping daily moving average confirms this forecast.
The weekly EUR/CAD chart below shows the aforementioned support levels: