EUR/CAD 1H Chart: Ascending Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Despite a solid resistance level at 1.4825 the risks are considered to be skewed to the upside. For one, the currency pair is forming an ascending triangle, a pattern that indicates growing demand. In addition, the four-hour and daily technical studies have a bullish bias, which confirms a positive outlook. Once above the upper boundary of the triangle, the pair should aim for the weekly R1 near 1.49, followed by the April high at 1.5030. However, we should be wary of the fact that the Euro is overbought in the SWFX market—three out of four traders are already long the single currency, meaning there is little room for new buyer to come in and push the price higher.
© Dukascopy Bank SA
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