(Last Updated January 5, 2022 1:41 GMT)
At the time of this writing, EURCAD’s rate is down -1 pips (-0.01%) from the hour prior. EURCAD has seen its price go down 8 out of the past 10 hours, thus creating some compelling opportunities for bears. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on EURCAD. Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a choppiness in price, as the 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)
The back and forth price flow continues for EURCAD, which started today off at 1.4333, down 70 pips 0.49% from the previous day. Relative to other instruments in the Forex asset class, EURCAD ranked 36th the previous day in terms of percentage price change. Below is a price chart of EURCAD.
EURCAD Technical Analysis
Moving average crossovers are always interesting, so let’s start there: EURCAD crossed below its 50 day moving average yesterday. 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 50 day average, which is 63.2 pips away. It should be noted, though, the 50 day simple moving average turned downwards, which may be a bearish sign. 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 9 out of the past 14 days.