Daily Forex Update: EUR/CAD
AutoChartist | Dec 03, 2013 04:52AM ET
EUR/CAD continues to rise inside the 30-minute Triangle chart pattern that was earlier identified by Autochartist – as you can see from the following chart for this currency pair. The overall Quality of this chart pattern is rated at 7 bar level – which reflects the average Initial Trend (5 bars) and high Uniformity and Clarity (rated at 8 and 9 bars respectively). EUR/CAD is expected to rise further inside this Triangle. The pair earlier broke above the major long-term resistance level 1.4350. If the pair is able to hold the ground above 1.4350 in the coming sessions – it should lead to further gains for EUR/CAD in the near-term perspective.
The following monthly EUR/CAD chart shows the previous price action close to resistance level 1.4350:
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