EUR/CAD reconfirms dominant trend line
Updated
Although the common European currency already met with the long term, most dominant channel’s support against the Canadian Dollar, another retreat to reconfirm the trend line has occurred.
Actually, the rate recently reconfirmed the ascending channel pattern’s upper trend line twice, as it rebounded against the trend line and the monthly S1 just below the 1.47 mark.
In the near future the pair is set to reach the combined resistance of the weekly PP near 1.4825 mark together with various approaching SMAs. However, even if a decline occurs, the long term support should force the pair higher.
Actually, the rate recently reconfirmed the ascending channel pattern’s upper trend line twice, as it rebounded against the trend line and the monthly S1 just below the 1.47 mark.
In the near future the pair is set to reach the combined resistance of the weekly PP near 1.4825 mark together with various approaching SMAs. However, even if a decline occurs, the long term support should force the pair higher.
Trade closed: stop reached
The announcement of the Reserve Bank of Canada that it is raising its rate from 0.75% to 1.00% forced a major jump in the strength of the Canadian Dollar. The rate plummeted and broke out of the triangle pattern. For example on the USD/CAD the initial drop was 267 large.
Once more traders have to be thankful to proper stop loss setting.
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