EUR/CAD 1H Chart: Triple Bottom

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A sharp retreat started when the single currency approached a five-year high of 1.5308 versus the Canadian Dollar. While declining, the pair started to form a triple bottom pattern, the lowest mark of which is sitting at a one-month low of 1.4914.
Currently the pair is stuck at the neck-line at 1.5050 that is preventing a rally usually following a breakout of the triple bottom pattern. In fact, the pair once jumped above this formidable resistance but the 200-hour SMA at 1.5085 did not allow the breakout to happen. Meanwhile, traders are bullish in 61.76% of cases and technical indicators are sending ‘sell' signals, suggesting that a climb is possible before long.
© Dukascopy Bank SA
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