Following the surge of the Canadian dollar on Wednesday, July 12, induced by the central bank’s rate hike, the EUR/CAD currency pair has formed a bearish pennant pattern on its H4 chart. Although it resembles a flag pattern, the converging edges make it technically a pennant.
The chart screenshot below shows the pennant formation marked by the yellow lines. The cyan line marks the entry level positioned at 10% of the pennant’s height below the lower border. The green line represents my
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