Chart of the day: EUR/CAD
|The EURCAD has been on my radar in recent weeks as I am viewing this pair as a potential reversal (higher) candidate in the coming days. We have been in a descending wedge which is a reversal pattern by definition. Once of the characteristics of a descending wedge is to have a divergent RSI to accompany the pattern. As you can see, since early March this has been the case. Also, based on the long-term weekly charts, we are at the 61.8% Fibonacci retracement at 1.3655. A move above the 1.3750 would be needed to trigger a reversal for me.
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