EUR/CAD 4 Hour Price Update
Updated August 12, 2020 09:08 AM GMT (05:08 AM EST)
EUR/CAD is up 12 pips (0.08%) since the previous 4 hours (opening the current 4 hour candle near 1.5643), marking the 3rd straight candle it has gone up. Relative to other instruments in the Forex asset class, EUR/CAD ranked 15th the previous 4 hours in terms of percentage price change.
EUR/CAD End of Day Recap
Updated 00:30 GMT (04:30 EST)
EUR/CAD is down 57 pips (0.36%) since yesterday (opening today near 1.56132), marking the 3rd day in a row a decline has happened. Compared to its peers in the Forex, EUR/CAD gave its buyers a return that ranked 33rd in terms of percentage change since yesterday. Below is a price chart of EUR/CAD.
EUR/CAD Technical Analysis
Moving average crossovers are always interesting, so let’s start there: EUR/CAD crossed below its 20 day moving average yesterday. Volatility for EUR/CAD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 18 out of the past 30 days.
The View From Around the Web
Of note is that traders in aggregate have opinions on EURCAD, with 9 buy signals on our radar and 19 sell signals. This imputes a buy/sell ratio of 0.47, which is bearish. As for the rationale, technical traders seem to be citing the appearance of head and shoulders, relative strength index, trendline, triangle and wedge technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Market forming a descending wedge, to prepare the move to the upside.