EUR/CAD 1H Chart: Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although the bulls failed to push the price beyond 1.45 in January, there is an increasing possibility they will challenge the resistance once again in the near future. EUR/CAD is forming a reversal pattern, and a half of daily indicators is bullish, meaning the pair is likely to breach the upper trend-line. In this case a combination of the 200-hour SMA and weekly PP at 1.4254 will be the first major target, followed by the Feb 4 high and the weekly R1 near 1.44. Conversely, should the support line of the pattern (currently at 1.4080) give in, the Euro will be exposed to a dip through the weekly pivots down to the January lows around 1.38.
© Dukascopy Bank SA
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