EUR/CAD 2 Day Down Streak Ended, Eyes 20 Day Average; Doji Pattern Appearing on Chart

EUR/CAD Price Recap

EUR/CAD is down 28 pips (0.19%) since yesterday (with its current price near 1.45017), marking the 6th day in a row it has gone down. This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 9.07% from the day before — and down 37.06% from the same day the week before. Relative to other instruments in the Forex asset class, EUR/CAD ranked 30th yesterday in terms of percentage price change. The price chart of EUR/CAD below illustrates.

EUR/CAD Technical Analysis

Notably, EUR/CAD is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 14 days EUR/CAD’s price has gone down 9 them. Also, candlestick traders! Note we see doji pattern appearing here as well.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURCAD, with 17 buy signals on our radar and 3 sell signals. This imputes a buy/sell ratio of 5.67, which is very bullish. As for the rationale, technical traders seem to be citing the appearance of fibonacci and trendline technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Closely watching for a weekly close below support, on that descending triangle pattern.Have a target around 1.4000.