EUR/CAD 1H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro has been recently consolidating following a precipitous decline from 1.4650. As a result, EUR/CAD formed a symmetrical triangle, and the pair has already reached the apex of the pattern, meaning there should soon be a break-out. Considering the context of the market (explicitly bearish since mid-December) and the ‘sell' signals provided by the technical indicators, the price is expected to close beneath the lower trend-line (1.4080) and then negate the latest gains. However, there are a few notable nearby supports that are worth keeping in mind, such as the 200-hour SMA at 1.4050 and a round level of 1.40.
© Dukascopy Bank SA
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