(Last Updated September 24, 2020 0:15 GMT)
At the moment, EURCAD’s rate is up 2 pips (0.01%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on EURCAD. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Of note is that the 100 and 200 hour changed directions on EURCAD; they are now pointing up. 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)
After 3 up days, EURCAD snaps its streak, falling 89 pips (-0.57%) over the past day to close at an exchange rate of 1.55732. Relative to other instruments in the Forex asset class, EURCAD ranked 35th the day prior in terms of percentage price change. Below is a price chart of EURCAD.
EURCAD Technical Analysis
First things first: EURCAD crossed below its 50 day moving average 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 20 day average, which is 8.7 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 10 days EURCAD’s price has gone up 6 them.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on EURCAD, with 4 buy signals on our radar and 8 sell signals. This imputes a buy/sell ratio of 0.5, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
A Channel up on the 240hr timeframe with a strong impulsive ABC ZigZag to hit the trend line