EUR/CAD Guided by the medium term pattern
The review of the EUR/CAD pair is done due to the demand of traders. Traders want to trade this pair, as it is one of the options to use to trade the Euro without the US Dollar’s fundamental influence.
However, the recent surge of the common European currency can not be mapped in a pattern against the Canadian Dollar. Instead the fact that the pair should head to the upper trend line of a medium scale channel up pattern could be used for guidance.
In accordance with the hypothesis, the rate should soon rebound against the weekly R1 and the 50.00% Fibo at the 1.4950 mark and continue to surge above the 1.50 level.
However, the recent surge of the common European currency can not be mapped in a pattern against the Canadian Dollar. Instead the fact that the pair should head to the upper trend line of a medium scale channel up pattern could be used for guidance.
In accordance with the hypothesis, the rate should soon rebound against the weekly R1 and the 50.00% Fibo at the 1.4950 mark and continue to surge above the 1.50 level.