EURCAD Up 8 Pips Over Past Hour, 2 Day Down Streak Broken; Eyes 20 Day Average

Hourly Update

(Last Updated January 6, 2021 2:18 GMT)

At the moment, EURCAD’s rate is up 8 pips (0.05%) from the hour prior. EURCAD has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. 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 an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. With that said, traders should also note the downtrend on the 5 hourly candle timeframe, so the meaning of the candles may require further exploration. 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)

The choppiness in the recent daily price action of EURCAD continues; to start today, it came in at a price of 1.56422, up 60 pips (0.39%) since the previous day. Compared to its peers in the Forex, EURCAD gave its buyers a return that ranked 4th in terms of percentage change since the previous day. Here is a price chart of EURCAD.

EURCAD

EURCAD Technical Analysis

Notably, EURCAD is now close to its 20, 50, 100 and 200 day averages, located at 1.5582, 1.5535, 1.5552 and 1.5454 respectively, and thus may be at a key juncture along those timeframes. 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 20 day average, which is 60.2 pips away. It should be noted, though, the 20, 50 and 100 day simple moving averages turned upwards, which may be a bullish sign. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Also of note is that on a 90 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone up 8 out of the past 14 days.