EUR/CAD 1H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro demonstrated a similar strength against the Canadian Dollar as the U.S. currency did in mid-March. However, this time a rise from a two-month low helped the pair to shape a triangle pattern that now 100-bar long and has both quality and magnitude above average.
Now EUR/CAD is unremittingly nearing the apex that will be reached later in the day. This signifies that the pair is on the verge of a breakout that will either give the currency couple an impulse for a rally or put a heavy drag on the instrument. Technical numbers fail to provide any hint regarding the pair's move in the nearest term but point to a weakness in the long-term.
© Dukascopy Bank SA
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