# EURCAD Rising Wedge (Jun 05, 2017) Source: https://www.tradersway.com/resources/market-info/eurcad-rising-wedge-jun-05-2017/ Language: en Updated: 2017-06-05 Description: Explore EURCAD Rising Wedge (Jun 05, 2017). EURCAD has formed. Trade Forex and CFDs on MT4 and MT5 with tight spreads, flexible leverage and fast funding. EURCAD has formed higher lows and higher highs, consolidating in a rising wedge formation on its 4-hour chart. Price seems to have bounced off the resistance at the 1.5250 minor psychological level and could be due for a test of support. The 100 SMA is above the longer-term 200 SMA so the path of least resistance is to the upside. This could either mean that an upside breakout is due or that the wedge support would keep losses in check. Note that stochastic is indicating overbought conditions and is turning lower to indicate a return in bearish pressure. Economic data from the euro zone has been mostly stronger than expected last week but Draghi has stayed cautious in his recent speeches. This suggests that this week’s ECB statement might not contain any major shifts in bias, especially since the flash CPI readings turned out weaker than expected. ![EURCAD Rising Wedge (Jun 05, 2017)] Meanwhile the Loonie has still been under selling pressure as oil failed to stage a strong rebound even after the OPEC decided to extend their output deal by nine months. Traders could continue to pay attention to inventories data from the API and EIA to see if the reductions in supply could continue. *By Kate Curtis from Trader’s Way* ## Structured data JSON-LD as served in the HTML version of this page. ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Article", "@id": "https://www.tradersway.com/resources/market-info/eurcad-rising-wedge-jun-05-2017/#primary", "url": "https://www.tradersway.com/resources/market-info/eurcad-rising-wedge-jun-05-2017/", "mainEntityOfPage": "https://www.tradersway.com/resources/market-info/eurcad-rising-wedge-jun-05-2017/", "headline": "EURCAD Rising Wedge (Jun 05, 2017)", "inLanguage": "en", "datePublished": "2017-06-05T05:44:26+00:00", "dateModified": "2017-06-05T05:44:26+00:00", "articleSection": "Market Info", "description": "Explore EURCAD Rising Wedge (Jun 05, 2017). EURCAD has formed. 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