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Daily Forex Update: EUR/CAD Expected To Rise

Published 03/07/2013, 06:48 AM
Updated 03/09/2019, 08:30 AM
EUR/CAD
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GUID
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As can be seen from the following trade opportunity alert for EUR/CAD, this pair is expected to rise to the target level 1.3628 in the next 4 trading days. The pair is currently trading inside the Pennant chart pattern identified by Autochartist on the daily EUR/CAD charts. The target level for this forecast 1.3628 (point B on the chart below) corresponds to the previous downward price reversal of the upper resistance trendline of this Pennant, while the stop-level 1.3347 (point A) corresponds to the last support point of the lower trendline of this chart pattern. Point A formed when the pair corrected up from the strong support level 1.3380. This level served as a major support which reversed the pair sharply up in June and September of 2011, as is shown on the second chart below. The pair is likely to continue the upward impulse which preceded this Pennant and is expected to reach 1.3628 in the next 4 trading days.

<span class=EUR/CAD" title="EUR/CAD" width="600" height="334">
The weekly EUR/CAD chart below shows the previous price action near the support level 1.3380:
<span class=EUR/CAD - 2" title="EUR/CAD - 2" width="599" height="564">

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