Previously it was noted that the EUR/CAD currency pair reached the lower trend line of a dominant descending pattern. The rate attempted to pass the support of the pattern three times, as observed on the four hour chart.
However, most recently the pair managed to break above a resistance line, which was pressuring the previously mentioned attempts to break out of the dominant pattern. Due to that reason it is assumed that the rate is set to reveal a new medium scale pattern in the near future.
Although, in the short term the pair is set to face the downwards pressure put up by the 55-period SMA, which was heading lower on Friday.
