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DAILY FOREX UPDATE: EUR/CAD

By: Dima Chernovolov

EUR/CAD continues to rise inside the 4-hour Rising Wedge chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 3-bar level – which is the result of the slow Initial Trend (one bar), below-average Uniformity (3 bars) and stronger Clarity (6 bars). EUR/CAD expected to rise further inside this Rising Wedge – in line with the earlier upward reversal from the powerful support zone highlighted below.