(Last Updated November 23, 2022 2:20 GMT)
Currently, EURCAD’s rate is down -4 pips (-0.03%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as EURCAD has now gone down 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 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)
EURCAD, which opened today priced near 1.3781, is up 16 pips 0.12% since the previous day, marking a reversal from the day prior — and the end of a 3 day negative run. Out of the 39 instruments in the Forex asset class, EURCAD ended up ranking 11th for the day in terms of price change. The price chart of EURCAD below illustrates.
EURCAD Technical Analysis
The first thing we should note is that EURCAD is now close to its 20, 50 and 200 day averages, located at 1.3616, 1.3472 and 1.351 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 165 pips away. 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. Or to simplify this another way, note that out of the past 10 days EURCAD’s price has gone up 6 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!
The View From Around the Web
We’re seeing some traders come out with interesting conviction on EURCAD, with 3 buy signals on our radar and 5 sell signals. This imputes a buy/sell ratio of 0.6, which is bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Hello Traders I’ve not been posting much on here as my attention has been focused in another area of trading. This trade above has hit TP after 20 hours of being in the trade, this is only a small flip account, but I thought I would share this with you guys 🙂