Scanning for chart patterns in real time
Autochartist makes it easier to trade successfully with its tools that automatically identifies chart and Fibonacci patterns.After a week of hard-fought gains and higher lows in the EUR/CAD, the Euro has weakened slightly against the Canadian Dollar and corrected lower intraday. After exhausting at the resistance of the Autochartist Forecast area between 1.3575 and 1.3603 (F)-which projected the upside target following the Rising Wedge continuation-prices are moving lower in what is likely intraday profit-taking.
The EUR/CAD has returned lower through the upper trend line, and is now testing support around 1.3550. After dipping lower to the 38.2% Fibonacci Retracement at 1.3530 and finding buying momentum, prices are trading around the 23.6% Fibonacci level, which overlaps with 1.3550. Since the daily chart is strong, that bullish sentiment will be reflected by traders buying into the intraday pullback in expectation of a continuation of the uptrend. The market direction on the 30-minute chart is a narrow-ranging accumulation cycle, as confirmed by the one-bar Autochartist Initial Trend reading. This suggests that the current consolidation between the 23.6% and 50% Fibonacci levels will continue.
