EUR/CAD 1H Chart: Ascending Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/CAD has been moving higher for more than six months; however, a sharp appreciation started only on October 21 when the pair climbed above its 50 and 200-hour SMAs and commenced formation of the ascending triangle. The currency couple once hit the upper boundary of the pattern thus reaching the highest level since February 2010. However, it failed to extend its gains and retreated to the lower limit of the pattern. Despite usually resulting in on-going appreciation of the pair, this ascending triangle may contradict to the general tendency as the pair has recently broken through its lower support that is the sign that sharp decline is possible.
© Dukascopy Bank SA
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