EURCAD Up 19 Pips in Last Hour, 2 Day Up Streak Ended; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated October 19, 2020 10:16 GMT)

At the moment, EURCAD’s rate is up 19 pips (0.12%) from the hour prior. This is the 2nd consecutive hour EURCAD has seen its price head up. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 100 and 50 hour moving averages, resulting in them with price now being above them. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

EURCAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

EURCAD entered today at 1.54538, down 17 pips (0.11%) from the day prior. Compared to its peers in the Forex, EURCAD gave its buyers a return that ranked 27th in terms of percentage change since the day prior. Below is a price chart of EURCAD.

EURCAD

EURCAD Technical Analysis

Notably, the current price of EURCAD is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 100 day average, which is 40.4 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. For additional context, note that price has gone down 9 out of the past 14 days.