The EUR/CAD currency pair has been bounded in an ascending triangle pattern since mid-August. The rate tested the lower boundary of the medium-term ascending triangle pattern on August 14 and subsequently made a U-turn north.
As a result, the exchange rate breached the 50-, 100-, and 200-hour SMAs. Moreover, the price has reached near the upper boundary of the triangle pattern, and a breakout could be a possibility in this session.
Given that the three simple moving averages have fallen below the price action, bulls could continue to have the upper hand over the currency exchange rate during the following trading sessions.
