EUR/CAD 4H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Considering weakness of the Euro this week all across the board, the single currency has been losing value against the majority of its counterparts. EUR/CAD was not an exception as the pair confirmed the triangle pattern it was forming since the middle of December. A successful fall below 1.4150 (monthly and weekly PP) provoked bears on even stronger sell-offs. As a result, the Euro pierced through the monthly S1 at 1.3822 and is now nearing the next monthly support level. Technical indicators share the idea of a decline in the short and medium-term, while SWFX traders are slightly bearish towards the Euro. Therefore, EUR/CAD is forecasted to continue developing downwards.
© Dukascopy Bank SA
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