EUR/CAD 4H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Following a prolonged rally EUR/CAD encountered a tough resistance area near 1.56 in the mid-March, which forced the currency pair to change its direction. However, there are already signs that the initiated sell-off is gradually subsiding, such as the four-hour technical indicators pointing upwards and the price chart forming a falling wedge—a reversal pattern. Still, the Euro has to break a cluster at 1.50 (weekly R1, three-month down-trend and 200-period SMA) in order to confirm the long-term bearish intentions. Meanwhile, it seems the exchange rate is going to test the lower boundary of the falling wedge at 1.4684 before it gathers enough strength to challenge 1.50.
© Dukascopy Bank SA
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