EUR/CAD 1H Chart: Rectangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/CAD established a trading range on the hourly chart and is now likely to break it as part of the attempts to distance from one and a half years lows of 1.3856 that were tapped in December. We will look for the upper bound of the range at 1.4095 to break sometime soon due to two factors – there is an upward sloping pattern on the smaller scale; and the rectangle is likely to give in to the long-term pressures of a flattish ascending channel on the daily chart. The senior pattern has a trend-line at 1.4041 which will cause it to bounce on the pair's down wave and lead it outside the bounds of the rectangle.
© Dukascopy Bank SA
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