Chart of the day: EUR/CAD

Blake Morrow Forex Analytix

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.

Author

Blake Morrow

Forex Analytix

Blake Morrow spent most of his professional career as the Chief Currency Strategist for Wizetrade group for 15 years, and then the Senior Currency Strategist for Ally Financial after the acquisition of Tradeking which owned the Wizetrade Group.

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