FX.co ★ Patterns EURCAD | Euro (EUR) to Canadian Dollar (CAD) Rate in the Forex market

According to the chart of M5, EURCAD formed the Bullish Symmetrical Triangle pattern, which signals the trend will continue. Description. The upper border of the pattern touches the coordinates 1.4671/1.4661 whereas the lower border goes across 1.4652/1.4661. The pattern width is measured on the chart at 19 pips. If the Bullish Symmetrical Triangle pattern is in progress during the upward trend, this indicates the current trend will go on. In case 1.4661 is broken, the price could continue its move toward 1.4676.

According to M5, EURCAD is shaping the technical pattern – the Inverse Head and Shoulder. In case the Neckline 1.4628/1.4626 is broken out, the instrument is likely to move toward 1.4641.

According to the chart of M5, EURCAD formed the Bearish Symmetrical Triangle pattern. Trading recommendations: A breach of the lower border 1.4591 is likely to encourage a continuation of the downward trend.

The Bearish Flag pattern has been formed on the chart EURCAD M5 which signals that the downward trend will continue. If the price breaks below the low at 1.4595, then it is most likely to move further downwards. The price will likely move by the number of points which equals the length of the flag pole (10 points).

The Bearish pennant pattern has formed on the EURCAD M5 chart. This pattern type is characterized by a slight slowdown after which the price will move in the direction of the original trend. In case the price fixes below the pattern’s low of 1.4595, a trader will be able to successfully enter the sell position.

The Double Bottom pattern has been formed on EURCAD H1. Characteristics: the support level 1.4644; the resistance level 1.4683; the width of the pattern 39 points. If the resistance level is broken, a change in the trend can be predicted with the first target point lying at the distance of 42 points.

The Triple Bottom pattern has been formed on EURCAD M5. It has the following characteristics: resistance level 1.4649/1.4647; support level 1.4642/1.4642; the width is 7 points. In the event of a breakdown of the resistance level of 1.4649, the price is likely to continue an upward movement at least to 1.4656.

The Double Bottom pattern has been formed on EURCAD M5. This formation signals a reversal of the trend from downwards to upwards. The signal is that a buy trade should be opened after the upper boundary of the pattern 1.4649 is broken. The further movements will rely on the width of the current pattern 7 points.

The technical pattern called Head and Shoulders has appeared on the chart of EURCAD M5. There are weighty reasons to suggest that the price will surpass the Neckline 1.4663/1.4661 after the right shoulder has been formed. So, the trend is set to change with the price heading for 1.4646.

The Double Bottom pattern has been formed on EURCAD H1; the upper boundary is 1.4665; the lower boundary is 1.4644. The width of the pattern is 22 points. In case of a break of the upper boundary 1.4665, a change in the trend can be predicted where the width of the pattern will coincide with the distance to a possible take profit level.