EUR/CAD 4H Chart: Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The European Currency formed a falling wedge pattern against the Canadian Dollar at the start of June. However, the last confirmation of the patterns lower trend line might be just due to the selloff of the Euro caused by the UK's referendum on membership in the European Union. At the moment, the currency exchange rate is around a strong support level at 1.4355, which is right at the patterns lower trend line and the monthly S1. Although, the pair has been struggling with the support since the Brexit, when it broke out of the pattern for a brief moment. The currency exchange rate might move south, as SWFX traders sentiment indicates, that 65% of all traders have open long positions, which is close to the pair being overbought.
© Dukascopy Bank SA
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