Trade of the Day: EUR/CAD

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ChartViper Trade of the Day

EUR/CAD recently broke the hourly Rising Wedge chart pattern, which was recently identified by Autochartist. Autochartist measures the quality of this Rising Wedge at the 3-bar level – which is the result of the below-average Initial Trend (4 bars), higher Uniformity (6 bars) and low Clarity (3 bars). EUR/CAD is expected to fall toward the forecast price 1.5027.

As can be seen from the daily EUR/CAD chart below – the pair earlier reversed down from the resistance zone located between the long-term resistance level 1.51000 (which has been reversing the price from the start of 2021) and the upper weekly Bollinger Band. The proximity of this resistance zone and the clear bearish divergence on the weekly Stochastic increase the probability EUR/CAD will continue to fall toward the forecast price 1.5027.

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