EUR/CAD 1D Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A channel turned wedge just broke to the downside in EUR/CAD and appears to now be attempting a retracement of the broken level around 1.3924. The pair is currently trading inside of a red Ichimoku cloud, confirming the corrective nature of the current motion and setting the next target at 1.4145 with more prominent risk later at 1.4114/4066 – an area that could lead it off track and cause the retracement to end early. Upside movements are likely to be cut around 1.4321/34 or 1.4383/4404, but could ultimately do further up after the ranging phase of the market ends.
© Dukascopy Bank SA
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