EURCAD Down 29 Pips in Last Hour, Entered Today Down For the 2nd Straight Day; Nears 20, 50 and 100 Day Moving Averages

Hourly Update

(Last Updated January 1, 2021 3:18 GMT)

Currently, EURCAD’s rate is down -29 pips (-0.18%) from the hour prior. This is the 2nd hour in a row EURCAD has seen its price head down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on EURCAD. Given that we see downtrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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 straight day a decrease has occurred. Compared to its peers in the Forex, EURCAD gave its buyers a return that ranked 36th in terms of percentage change since the previous day. Below is a price chart of EURCAD.

EURCAD

EURCAD Technical Analysis

Coming into today the current price of EURCAD is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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. Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 14 days EURCAD’s price has gone up 8 them.