EUR/CAD 1H Chart: Descending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Euro-loonie cross seems to be consolidating after a 19th to 23rd of August rally. Although they are just partially beneficial we have incorporated Fibonacci retracements of this move in to our analysis. Pair is trading in the last 25% of the pattern's length and we could expect a breakout very soon. From what we have seen lately (pair tested pattern's support trice, but bounced from it every single time) and the readings of short term technical indicators we could expect that it will be a bullish outbreak. However, medium to long term technicals give rather neutral outlook suggesting we wont see a massive move but a rather calm appreciation.

© Dukascopy Bank SA
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