EUR/CAD Down 11 Pips in Last Hour, Came Into Today Up For the 2nd Straight Day; Price Base in Formation Over Past 30 Days

Hourly Update

(Last Updated September 16, 2022 1:39 GMT)

At the time of this writing, EURCAD’s rate is down -11 pips (-0.08%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on EURCAD. Given that we see an uptrend on the 20 and 10 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)

EURCAD is up 94 pips (0.72%) since the day prior (opening today near 1.3228), marking the 2nd straight day an increase has occurred. Out of the 39 instruments in the Forex asset class, EURCAD ended up ranking 6th for the day in terms of price change. Let’s take a look at price chart of EURCAD.

EURCAD

EURCAD Technical Analysis

The first thing we should note is that EURCAD is now close to its 20, 50 and 100 day averages, located at 1.3059, 1.3095 and 1.3318 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 10 days EURCAD’s price has gone down 6 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURCAD, with 6 buy signals on our radar and 2 sell signals. This imputes a buy/sell ratio of 3, which is bullish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

EURCAD long.1. SHS inverted.2. Broken down trend.