EUR/CAD 1H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Following an Apr 9-11 rally the currency pair seems to have entered the rising wedge, as, while the bullish tendency persists, the trading range at the same time is gradually narrowing. Accordingly, there are significant downside risks, being that this pattern usually portends a reversal; in our case—a sell-off. However, as long as the support at 1.52 is intact (consisting of the weekly PP, 200-hour SMA and up-trend), the outlook should remain bullish, especially considering that the four-hour and daily technical indicators are mostly pointing north. In the meantime, a majority of traders expect the Euro to underperform—65% of them are currently holding short positions.
© Dukascopy Bank SA
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