EUR/CAD 4H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A 167-bar long rising wedge was formed by EUR/CAD, however, it seems  the pattern will be completed soon, as trend lines will converge soon and trading range is narrowing rapidly. Furthermore, trading volumes are decreasing– another signs of the upcoming breakout. Based on signals sent by aggregate technical indicators on three different timeframes, we might conclude the outlook for the pair is bullish, hence bulls are likely to break through the resistance line. In addition to that, the latest high was slightly higher than the previous ones, so the pair is moving toward the level of 1.41, from which the pair turned lower on August 23, when the pattern was formed. 

© Dukascopy Bank SA
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