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 Rectangle which is a pattern of a trend continuation. The pattern is contained within the following borders: the lower border 1.4984 – 1.4984 and upper border 1.5000 – 1.5000. In case the upper border is broken, the instrument is likely to follow the upward trend.

According to the chart of M5, EURCAD formed the Bullish Rectangle. This type of a pattern indicates a trend continuation. It consists of two levels: resistance 1.5000 and support 1.4984. In case the resistance level 1.5000 - 1.5000 is broken, the instrument is likely to follow the bullish trend.

On the chart of the EURCAD M5 trading instrument, the Triple Top pattern that signals a trend change has formed. It is possible that after formation of the third peak, the price will try to break through the resistance level 1.4985, where we advise to open a trading position for sale. Take profit is the projection of the pattern’s width, which is 15 points.

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 1.4953 is broken. The further movements will rely on the width of the current pattern 21 points.

The Triple Top pattern has formed on the chart of the EURCAD M15. Features of the pattern: borders have an ascending angle; the lower line of the pattern has the coordinates 1.4914/1.4930 with the upper limit 1.4957/1.4961; the projection of the width is 43 points. The formation of the Triple Top figure most likely indicates a change in the trend from upward to downward. This means that in the event of a breakdown of the support level of 1.4914, the price is most likely to continue the downward movement.

The Double Top reversal pattern has been formed on EURCAD M5. Characteristics: the upper boundary 1.4960; the lower boundary 1.4954; the width of the pattern is 7 points. Sell trades are better to be opened below the lower boundary 1.4954 with a possible movements towards the 1.4939 level.

According to the chart of M15, EURCAD formed the Bearish Symmetrical Triangle pattern. Description: The lower border is 1.4879/1.4934 and upper border is 1.4982/1.4934. The pattern width is measured on the chart at -103 pips. The formation of the Bearish Symmetrical Triangle pattern evidently signals a continuation of the downward trend. In other words, if the scenario comes true and EURCAD breaches the lower border, the price could continue its move toward 1.4912.

According to the chart of M5, EURCAD formed the Head and Shoulders pattern. The Head’s top is set at 1.4957 while the median line of the Neck is found at 1.4939/1.4941. The formation of the Head and Shoulders pattern evidently signals a reversal of the upward trend. In other words, in case the scenario comes true, the price of EURCAD will go towards 1.4926.

The Bearish pennant pattern has formed on the EURCAD M30 chart. The pattern signals continuation of the downtrend in case the pennant’s low of 1.4852 is broken through. Recommendations: Place the sell stop pending order 10 pips below the pattern’s low. Place the take profit order at the projection distance of the flagpole height.

The Double Bottom pattern has been formed on EURCAD M5; the upper boundary is 1.5003; the lower boundary is 1.4969. The width of the pattern is 34 points. In case of a break of the upper boundary 1.5003, 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.