EUR/CAD 4H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/CAD was on the rise during more than a year ended in mid-March when the pair attained a five-year high of 1.5587 located at the upper-limit of the 341-bar long triangle pattern.
Now the pair is vacillating not far away from the apex that is likely to be reached in about a week. This suggests that we may expect a breakout somewhere close to the end of this period. Meanwhile, in the short-term the pair may depreciate given that more than 60% of market players at the SWFX hold short positions.
© Dukascopy Bank SA
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