EURCAD Up 3 Pips On Hourly Chart, in a Downtrend Over Past 14 Days; Price Base in Formation Over Past 90 Days

Hourly Update

(Last Updated January 12, 2021 2:18 GMT)

Currently, EURCAD’s rate is up 3 pips (0.02%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as EURCAD has now gone down 8 of the past 10 hours. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. 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 1.55322, up 35 pips (0.23%) since the previous day. Compared to its peers in the Forex, EURCAD gave its buyers a return that ranked 17th in terms of percentage change since the previous day. Below 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 1.56, 1.5532, 1.5547 and 1.5455 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 50 day average, which is 0 pips away. It should be noted, though, the 200 day simple moving average turned upwards, which may be a bullish 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 down. 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 down 8 out of the past 14 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.