EURCAD is in a monthly downtrend. On this chart, it appears that the pair has a long way to go on the downside for a completion of the C wave. It recently attempted to break to the upside but failed, so the next leg of the impulse is likely in play. In the near term it is expected to correct upward, giving us a nice opportunity to buy before the BIG fall, which is likely to develop over the span of months. Of course there will be many ups and downs so this is not a call for any one single trade. This type of long term analysis helps us pick out the good trades once the market gives us nice setups.