This chart shows the Monthly and Weekly charts superimposed upon each other, so that I can make the case for a EUR/CAD short, contingent upon price action triggers.
Let's take a look at the Monthly chart, shall we? On the far left hand side of the chart, from 2008-2010, there is a Head and Shoulders pattern that pushes price down to an August 1st - 2012 low of 1.2126. Since that time, we have been retracing that move-crawling higher. Further to the right, on the chart, the price action I circled in blue occurring the first third of 2014, effectively defines price up until the present time. Notice how price has not closed, (as of yet), in the 1.52352 area since 2014. There have been price incursions into and above that area...I count five spanning 2015 to 2016, but all five times price attempted to breach this area, it has been rejected with long wicked candle formations. That's the former horizontal resistance level from the 2012 Head and Shoulders pattern and the 2014 doji candles acting as resistance. The far right of the chart, catches us up to present day. Price looks like it could make a run and close at the rarefied levels not seen since 2014, if we were looking at just the monthly chart. With less than a weeks trading left for the month of May, it will be valuable to see how the month closes out.
The Weekly chart could provide us with some clues... Question. What's the candlestick formation printed by the last weekly candle on this chart? On the weekly, I would go with a Dark Cloud Cover candlestick formation. On this weekly chart, it closes below the mid-point of the prior weeks bullish candle. You can also make the case that a double top ( from the wick highs of the weekly candles) has been printed. Either way, should the final trading days of May break the prior weeks low (1.50120) and close lower, there should be more downside to this pair.
Caveats - All of my 20 EMA averages for monthly, weekly and DAILY (not shown) charts are currently below price - meaning they will act as support. The monthly and weekly averages are nearly 500 pips below present price, however, the daily chart currently has a 20 EMA of 1.4982. That's only 50 pips away from present price. I am setting my entry for a break of 1.50120, however, there are many ways to play this - waiting for a re-test of the former support & new resistance level or playing a retest of the EMA. Whichever way you choose to play this,(should you decide to play this), make sure it conforms to your risk parameters.