From Investor to Scalper is a cycle of analysis in which we take one financial instrument and the analysis includes a detailed look at the value from the monthly/weekly chart to the H1/M15.
EURCAD from August 2012 moves calmly north creating an upward channel. It is worth noting, however, that these increases have not been able to permanently break the level of 1.5300, where in December another strong supply reaction appeared.
Looking at the weekly interval, we can see that the pair from mid-April moves in a consolidation. If its upper limit is once again permanently rejected, we could expect declines again.
However, this could happen, the market would have to overcome the local upward trend line and local support in the vicinity of 1.4970.
On the M15 chart, we notice that the market is currently overcoming local support. If there is no demand reaction in close future, which could negate these drops, we could expect them to continue.