USD/CAD Recently Broke The High Quality Down Channel Pattern
AutoChartist | Apr 25, 2017 03:46AM ET
USD/CAD recently broke the high quality down channel chart pattern which was previously identified by Autochartist on the daily charts. Autochartist measures the quality of this down channel at the 9 bar level – which reflects the sharp initial trend (10 bars), significant uniformity (7 bars) and higher clarity (9 bars). Higher quality of this down channel highlights the greater visibility of this breakout to the market participants – which increases the probability USD/CAD will continue to rise toward the forecast price 1.3598.
As can be seen from the chart below, Autochartist also recently identified the uniform up channel on the 4-hour USD/CAD charts. Its uniformity is rated by Autochartist at the 8 bar level. Two different-type chart patterns aligned in one direction increase the probability USD/CAD will continue to rise toward the forecast price 1.3598 in the nearest time.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.