EUR/CAD 1H Chart: Rising Wedge

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Source: Dukascopy Bank SA
The two-year low set late February proved unsustainable and led to a solid rise over the last couple of months. The pair has now, however, shifted its stance in favour of a bearish development, as indicated by the rising wedge on the hourly time-frame which appears to be mature enough to break rather soon. A dip beneath 1.4914/09 would lead to tests of 1.4890 as a retracement of the broken bottom boundary just before a more prominent movement south takes place. Upside risks lie at 1.4942, and the area will come into play if another wave up takes place.
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