EUR/CAD is moving down inside the Triangle chart pattern identified by Autochartist on the 4-hour charts. The overall Quality of this Triangle is rated at the 5 bar level as a consequence of the low Initial Trend (rated at the 2 bar level), average Uniformity (5 bars) and higher Clarity (7 bars). This chart pattern continues the longer-term downtrend that can be seen on the weekly EUR/CAD charts. Higher Clarity of this Triangle reflects the stronger agreement among the market participants regarding the recent downward movement of this currency pair. EUR/CAD is expected to continue downward movement in the nearest time, which is also indicated by the PowerStats analysis shown below.
As can be seen from the following PowerStats chart, most of the daily Expected Price Range for EUR/CAD for tomorrow (from 1.3983 to 1.3751) stands below the projected value of the upper resistance trendline of this Triangle, which adds to the likelihood that this currency pair will continue to decline tomorrow.
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Daily Forex Update: EUR/CAD
Published 11/15/2011, 07:03 AM
Updated 03/09/2019, 08:30 AM
Daily Forex Update: EUR/CAD
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