EUR/CAD 4H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Euro-aussie has been narrowing its trading range since the middle of May by 300 pips in 100 bar period. At the moment it is trading 9 bars  from the pattern's apex which is located at 1.3660. in addition, we can observe an increase in the trading volume in the length of the pattern. It is slightly lower in the recent trading sessions which increases the probability of a significant breakout rather than development around the 200-bar SMA. In the first half of the pattern we notice that Fibonacci retracements (mid May till end of June move) had significant impact on the pair. At the moment their role seems much less important, but might have some minor impact. 

© Dukascopy Bank SA
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