Forex Analysis: EURCAD

Forex Analysis: EURCAD Weekly-Chart

In this Forex Analysis we talk about the EURCAD. First I always want to get an overview of where the course is currently. Only then I look for the entry in smaller timeframes, which fit into the current picture in the big charts. First we look at the Weekly-Chart. Here I highlighted the high- (light blue) and low-points (light green). In addition, you can see a trendline (green), which illustrates the uptrend of the last 5 years. Nice to see how the swingpoints (high- and low-points) always surpass each other to the top. I see the EURCAD at first glance clearly bullish.

Forex Analysis: EURCAD Daily-Chart

In the Daily-Chart, we see the movement since the last major low-point (light green). In addition, I have marked a resistance-level (light blue), which has now been tested twice. Here it is possible that the course performs a major correction. In the long term, however, I reckon that the buyers can bring the price over the resistance level. If the course continues down (arrows), I will look for Long Trades. If the course is over the level, I wait for a return to the level and look for signals and confirmations.