EUR/CAD 1H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/CAD is closing in on the apex of the symmetrical triangle, and this motivates us to prepare for a break-out. Considering that before the pattern the currency pair was bullish, our base case scenario is a close above the red line and a rally towards 1.4350 (1.41 + the height of the triangle). To realise this the Euro will have to break supply at 1.4090, created by the weekly PP and 200-hour SMA. Conversely, if there is not enough demand around 1.4050 to trigger a surge, the price may well fall down to 1.3990/70 before stabilising. As for the sentiment, the traders are divided. Right now 55% of positions are long and the remaining 45% are short.
© Dukascopy Bank SA
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Tue, 21 Jul 2015 12:05:45 GMT

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