EURCAD Down 4 Pips in Last Hour, in an Uptrend Over Past 14 Days; Eyes 20, 50 and 100 Day Averages

Hourly Update

(Last Updated January 4, 2021 2:17 GMT)

At the moment, EURCAD’s rate is down -4 pips (-0.03%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. As for the trend on the hourly timeframe, we see the clearest trend on the 20 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 94 pips (0.6%) since the previous day (opening today near 1.55821), marking the 2nd consecutive day a decrease has occurred. Out of the 40 instruments in the Forex asset class, EURCAD ended up ranking 36th for the day in terms of price change. Below is a price chart of EURCAD.

EURCAD

EURCAD Technical Analysis

Notably, EURCAD is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 1.7 pips away. It should be noted, though, the 20, 50 and 100 day simple moving averages turned downwards, which may be a bearish sign. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. 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. Or to simplify this another way, note that out of the past 14 days EURCAD’s price has gone up 8 them.