EUR/CAD Up 9 Pips On 4 Hour Chart, 3 Day Down Streak Snapped; Nears 100 Day Moving Average

EUR/CAD 4 Hour Price Update

Updated June 03, 2020 01:19 AM GMT (09:19 PM EST)

EUR/CAD is up 9 pips (0.06%) since the last 4 hour candle (opening the current 4 hour candle near 1.5112), marking the 2nd candle in a row it has gone up. Compared to its peers in the Forex, EUR/CAD gave its buyers a return that ranked 20th in terms of percentage change since the last 4 hour candle.

EUR/CAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

EUR/CAD, which opened today priced near 1.51104, is up 10 pips 0.07% since yesterday, marking a reversal from the day prior — and the end of a 3 day negative run. Compared to its peers in the Forex, EUR/CAD gave its buyers a return that ranked 23rd in terms of percentage change since yesterday. Here is a price chart of EUR/CAD.

EUR/CAD Technical Analysis

Notably, EUR/CAD is now close to its 20, 50, 100 and 200 day averages, located at 1.5218, 1.5237, 1.5139 and 1.4864 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 100 day average, which is 28.4 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign. Or to simplify this another way, note that out of the past 14 days EUR/CAD’s price has gone up 7 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURCAD, with 17 buy signals on our radar and 10 sell signals. This imputes a buy/sell ratio of 1.7, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a triangle technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Here are my thoughts for this currency pair….BUT on a much shorter time frame we actually have a descending triangle….There is going to be so much opportunity on this pair and I think we need to take advantage of the situation.