EUR/CAD 1H Chart: Ascending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Ascending/ descending are always are posing a good opportunity to make big profits in a short period of time, while this exact trade pattern is exactly one of them. At the moment of writing the pair was rapidly approaching the upper trend line, meaning in case of a breakout higher prices will come. Even though, 62% of opened positions are short, all the majority of technical indicators on several time frames are sending "buy" signal, supporting the case of a further increase. In this case, the first stop for the long traders is located around 1.40– a strong psychological level and a weekly resistance as well.
© Dukascopy Bank SA
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