FX.co ★ Patterns EURCAD | Euro (EUR) to Canadian Dollar (CAD) Rate in the Forex market

The Double Bottom pattern has been formed on EURCAD M5; the upper boundary is 1.6098; the lower boundary is 1.6083. The width of the pattern is 15 points. In case of a break of the upper boundary 1.6098, 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.

On the chart of EURCAD M30 the Double Top reversal pattern has been formed. Characteristics: the upper boundary 1.6109; the lower boundary 1.6068; the width of the pattern 41 points. The signal: a break of the lower boundary will cause continuation of the downward trend targeting the 1.6038 level.

According to the chart of M5, EURCAD produced the pattern termed the Inverse Head and Shoulder. The Head is fixed at 1.6064 while the median line of the Neck is set at 1.6083/1.6084. The formation of the Inverse Head and Shoulder Pattern clearly indicates a reversal of the downward trend. In means that in case the scenario comes true, the price of EURCAD will go towards 1.6099.

According to the chart of M5, EURCAD formed the Bearish Symmetrical Triangle pattern. Description: The lower border is 1.6077/1.6089 and upper border is 1.6103/1.6089. The pattern width is measured on the chart at -26 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 1.6074.

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 1.6063, 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 Bullish pennant graphic pattern has formed on the EURCAD M15 instrument. This pattern type falls under the category of continuation patterns. In this case, if the quote can breaks out high, is expected to continue the upward trend to level 1.6100.

The Bullish pennant pattern is formed on the EURCAD M30 chart. It is a type of the continuation pattern. Supposedly, in case the price is fixed above the pennant’s high of 1.6078, a further uptrend is possible.

The Bullish Flag pattern has been formed on EURCAD at M15. The lower boundary of the pattern is located at 1.6031/1.6031, while the higher boundary lies at 1.6037/1.6037. The projection of the flagpole is 34 points. This formation signals that the upward trend is most likely to continue. Therefore, if the level of 1.6037 is broken, the price will move further upwards.

The Double Top reversal pattern has been formed on EURCAD M30. Characteristics: the upper boundary 1.6023; the lower boundary 1.6001; the width of the pattern is 20 points. Sell trades are better to be opened below the lower boundary 1.6001 with a possible movements towards the 1.5971 level.

On the chart of EURCAD M30 the Double Top reversal pattern has been formed. Characteristics: the upper boundary 1.6021; the lower boundary 1.6001; the width of the pattern 20 points. The signal: a break of the lower boundary will cause continuation of the downward trend targeting the 1.5971 level.