From Investor to Scalper – series of studies created in cooperation with broker BDSwiss, in which we take a financial instrument and the analysis includes a detailed look at the value from the monthly chart and ending with H4/H1.
EURCAD moving slowly north from August 2012 created a growth channel. It is worth noting that these increases are not able to defeat for long time level 1.5350, which we expect to test again in nearest future.
Looking at weekly chart, we will notice that as a result of rejecting of the upward trend line, market since the end of February is moving north. Taking that into account we have recently overcome local resistance at 1.5000, we could expect continuation of the uptrend even to level at 1.5900.
However, before these increases will continue we will have to overcome local resistance at 1.5200, which we have seen several times prevented bulls from continuing the trend.