USD/CAD continues to fall sharply after the recent completion of the extended Triangle chart pattern identified by Autochartist on the hourly charts. The overall Quality of this chart pattern is measured at the 6 bar level as a result of the low Initial Trend (rated at the 2 bar level) and high Uniformity and Clarity (rated at the 8 and 9 bar levels respectively). The completion of this Triangle continues the prevailing downtrend visible on the daily and the weekly USD/CAD charts. The strength of the latest Breakout through the lower support trendline of this Triangle is rated at the maximum 10 bar level - indicating higher likelihood of further losses for the pair in the nearest time (beyond the Forecast Price 0.985), which is also indicated by the PowerStats analysis shown below.
As can be seen from the PowerStats chart below, most of the daily Expected Price Range for USD/CAD for tomorrow (from 0.9941 to 0.9797) stands below the broken support trendline of the above Triangle; while the lower boundary of the Expected Price Range (0.9797) lies below the aforementioned Forecast Price (0.985) - which adds to the probability that this currency pair will decline further.
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