After reaching a high of 1.5585 in March, EUR/CAD has retreated below 1.49 today (5/14). Head and Shoulders: Looking at the daily chart you can argue that a head and shoulders pattern has formed. The shoulders are around 1.53-1.5310, but the neckline is not so clear. Still, you can see that a correction is developing. Support, oversold oscillator readings: In the short-term, we might have some support around 1.48 and the 200-day SMA especially as the oscillators in the daily chart show oversold condition. It should be noted that the ability of the RSI to dip below 30 is a signal that the trend might be shifting to ... (full story)