EURCAD Down 6 Pips in Last Hour, Moves Down For the 2nd Day In A Row; Breaks Below 200 Day Average

Hourly Update

(Last Updated January 14, 2021 2:18 GMT)

Currently, EURCAD’s rate is down -6 pips (-0.04%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

EURCAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

EURCAD is down 80 pips (0.52%) since the previous day (opening today near 1.54347), marking the 2nd day in a row a decline has happened. Relative to other instruments in the Forex asset class, EURCAD ranked 36th the previous day in terms of percentage price change. The price chart of EURCAD below illustrates.

EURCAD

EURCAD Technical Analysis

Notably, EURCAD crossed below its 200 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 200 day average, which is 22.6 pips away. It should be noted, though, the 20 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. Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone down 15 out of the past 30 days.