© Dukascopy Bank SA
EUR/CAD continues to form a long-term triangle pattern, which dates back to March of this year. Current phase of the pair's development indicates to a recovery from lower upward-sloping boundary placed 1.4448 for the moment. The rally should prolong to 1.4768, by piercing through the 55/100-period moving average and the weekly pivot on the way up. At the same time, general view on the pair remains bearish, as implied by a continuation triangle pattern. Future losses of the European currency are expected by the weekly technical indicators. Moreover, the distribution between long (74%) and short (26%) positions assumes the bearish portion has enormous growth opportunities.
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