The EUR/CAD recently reversed up from the support trendline of the Down Channel that was earlier identified by Autochartist on the daily charts – as you can see from the following trade alert for this currency pair. The EUR/CAD is expected to break out of this Down Channel and then to rise to the target level 1.5257 (point B) in the next 8 trading days. Autochartist set the stop-level for this forecast at 1.4227 (point A). This point formed recently – when the pair reversed up from the support zone between the support trendline from March of 2013, lower weekly Bollinger Band and 50% Fibonacci Correction of upward impulse from November. RSI being below the “40” mark confirms this forecast.
The weekly EUR/CAD chart below highlights the support levels mentioned above:
