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 5/15 minutes.


EURCAD since the very beginning of trading history moves in consolidation within which for 25 years is forming a downward wedge. Due to emergence of a strong bullish response, at the beginning of last year market rejected the upper limit of the pattern. Since then we are seeing declines, which from a technical point of view could reach even area around 1.2000.

EURCAD Monthly
EURCAD Monthly

Looking on the weekly chart we see that in December 2015 market beat and then re-tested rejected (as resistance) extremely important level of 1.4150 which could be recognized as neck line of head & shoulders pattern. Beating last year’s lows could pave the way for further declines, even around the level of 1.3030 and if we would take into account the H&S and its range, declines could reach up to around the level 1.2170.

EURCAD Weekly
EURCAD Weekly

Due to emergence of bearish response around the level of 1.4280 last Friday, the market moves down. As a result of these declines we beat local support area, which is now re-tested and rejecting from the bottom (as resistance). If the declines will continue in the near future we expect to re-test the lows of last year’s level of around 1.3840.

EURCAD H4
EURCAD H4

On M15 chart we can see that as a result of today’s declines we have already broken upward trend line and now bears are breaking local support at 1.3965.

EURCAD M15
EURCAD M15

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