EUR/CAD 1H Chart: Descending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
In the beginning of the second week of December, the EUR/CAD cross began forming the descending triangle pattern, meaning that the trading range started to decrease. As a result, the pair came to the point when the eventual break-out is going to take place very soon. According to statistics, the downward break-out is taking place to the south in 64% of all cases. Therefore, we can expect this move to happen today as well. Nevertheless, short and medium-term technical indicators are giving neutral signals, assuming that the pair will just continue trading sideways for some period of time. Moreover, market sentiment is rather neutral, as advantage of bulls over bears is not strong (54% to 46%, respectively).
© Dukascopy Bank SA
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