EUR/CAD 7 Day Down Streak Snapped; in a Downtrend Over Past 14 Days

EUR/CAD Price Recap

EUR/CAD is down 30 pips (0.21%) since yesterday (with its current price near 1.43088), marking the 11th day in a row a decrease has occurred. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was up 60.68% from the day prior, but down 24.34% from the same day the week before. Out of the 40 instruments in the Forex asset class, EUR/CAD ended up ranking 28th for the day in terms of day-over-day price change. Let’s take a look at price chart of EUR/CAD.

EUR/CAD Technical Analysis

Notably, EUR/CAD is now close to its 20, 50 and 100 day averages, located at 1.4516, 1.4546 and 1.4576 respectively, and thus may be at a key juncture along those timeframes. Volatility for EUR/CAD has exploded over the past two weeks relative to the past 30 days, which technical traders will want to note. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 11 out of the past 14 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURCAD, with 15 buy signals on our radar and 5 sell signals. This imputes a buy/sell ratio of 3, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a fibonacci technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

to identify the next area of demand, first of all, we look left at structure and on the weekly,the first strong level that was respected in the past is 1.42 level….to confirm the significance of this level we use a fib….retracement of the major impulseand look for a match between fib levels and our underlined level.