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

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 1.6193, where we advise to open a trading position for sale. Take profit is the projection of the pattern’s width, which is 13 points.

The Double Top reversal pattern has been formed on EURCAD M5. Characteristics: the upper boundary 1.6170; the lower boundary 1.6162; the width of the pattern is 7 points. Sell trades are better to be opened below the lower boundary 1.6162 with a possible movements towards the 1.6147 level.

The Triple Bottom pattern has been formed on EURCAD M5. It has the following characteristics: resistance level 1.6172/1.6168; support level 1.6159/1.6158; the width is 13 points. In the event of a breakdown of the resistance level of 1.6172, the price is likely to continue an upward movement at least to 1.6172.

According to the chart of M15, EURCAD formed the Bearish Rectangle. This type of a pattern indicates a trend continuation. It consists of two levels: resistance 1.6063 - 0.0000 and support 1.6051 – 1.6051. In case the resistance level 1.6051 - 1.6051 is broken, the instrument is likely to follow the bearish trend.

The Double Bottom pattern has been formed on EURCAD H1. Characteristics: the support level 1.6048; the resistance level 1.6105; the width of the pattern 57 points. If the resistance level is broken, a change in the trend can be predicted with the first target point lying at the distance of 54 points.

The Double Bottom pattern has been formed on EURCAD M15. Characteristics: the support level 1.6049; the resistance level 1.6061; the width of the pattern 12 points. If the resistance level is broken, a change in the trend can be predicted with the first target point lying at the distance of 13 points.

According to the chart of M5, EURCAD formed the Bearish Rectangle which is a pattern of a trend continuation. The pattern is contained within the following borders: lower border 1.6049 – 1.6049 and upper border 1.6062 – 1.6062. In case the lower border is broken, the instrument is likely to follow the downward trend.

The EURCAD H1 formed the Head and Shoulders pattern with the following features: The Head’s top is at 1.6148, the Neckline and the upward angle are at 1.6067/1.6073. The formation of this pattern can bring about changes in the current trend from bullish to bearish. In case the pattern triggers the expected changes, the price of EURCAD will go towards 1.6033.

The Triple Top pattern has formed on the chart of the EURCAD M15 trading instrument. It is a reversal pattern featuring the following characteristics: resistance level 3, support level -13, and pattern’s width 32. Forecast If the price breaks through the support level 1.6068, it is likely to move further down to 1.6082.

The Double Top reversal pattern has been formed on EURCAD M5. Characteristics: the upper boundary 1.5991; the lower boundary 1.5977; the width of the pattern is 15 points. Sell trades are better to be opened below the lower boundary 1.5977 with a possible movements towards the 1.5962 level.