(Last Updated May 4, 2021 2:18 GMT)
At the moment, EURCAD’s rate is up 2 pips (0.01%) from the hour prior. The hourly chart shows that EURCAD has seen 2 straight up hours. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. 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, which opened today priced near 1.48058, is up 37 pips 0.25% since the day prior, marking a reversal from the day prior — and the end of a 3 day negative run. Compared to its peers in the Forex, EURCAD gave its buyers a return that ranked 14th in terms of percentage change since the day prior. 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 and 50 day moving averages, which may act as price barrier for the asset. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 30 days EURCAD’s price has gone down 15 them.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on EURCAD, with 8 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 2, which is bullish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Firstly, Price is currently at the conversion line after disequilibrium between the conversion line and price action, now the conversion line and price is in disequilibrium with the base line on the 4-hour timeframe. Furthermore, price should look to make a move to the base line, but on the other hand, the overall trend is down which points towards a potential downtrend continuation after this pullback to the base line. Any tips on how I could improve analysis using Ichimoku?