EUR/CAD 1D Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Euro-loonie cross has formed a Rising Wedge pattern whose trading area is narrowing by 250 pips in 100-bar period. Although usually Wedge type pattern's have decreasing trading volume in the length of the pattern we have a completely different situation here. Combined with the recent increase in volatility it suggests that we could expect significant moves. Regarding technical levels it is worth pointing out a few things. First of all Fibonacci retracements of Mid-may to the end of June move seems to be playing significant role. Secondly, the pair is trading slightly below a significant resistance area which could lead to further choppy sessions.

© Dukascopy Bank SA
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