EUR/CAD 4 Hour Price Update
Updated July 01, 2020 01:06 AM GMT (09:06 PM EST)
EUR/CAD is down 4 pips (0.03%) since the last 4 hour candle (opening the current 4 hour candle near 1.5248), marking the 7th candle in a row a decrease has occurred. Out of the 37 instruments in the Forex asset class, EUR/CAD ended up ranking 28th for the four-hour candle in terms of price change.
EUR/CAD End of Day Recap
Updated 00:30 GMT (04:30 EST)
EUR/CAD entered today at 1.52483, down 113 pips (0.74%) from yesterday. Compared to its peers in the Forex, EUR/CAD gave its buyers a return that ranked 39th in terms of percentage change since yesterday. Let’s take a look at price chart of EUR/CAD.
EUR/CAD Technical Analysis
Moving average crossovers are always interesting, so let’s start there: EUR/CAD crossed below its 20 and 100 day moving averages 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 50 day average, which is 10.5 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 10 days EUR/CAD’s price has gone up 6 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.
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 11 sell signals. This imputes a buy/sell ratio of 0.27, which is bearish. As for the rationale, technical traders seem to be citing the appearance of channel, head and shoulders and trendline technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
A violation of the trendline has occurred and a head and shoulder pattern can be identified