EURCAD Down 7 Pips Over Past Hour, 2 Day Up Streak Broken; in a Downtrend Over Past 30 Days

Hourly Update

(Last Updated September 10, 2020 16:15 GMT)

At the moment, EURCAD’s rate is down -7 pips (-0.04%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on EURCAD. Given that we see an uptrend 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 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)

The back and forth price flow continues for EURCAD, which started today off at 1.55143, down 66 pips 0.42% from the day prior. Out of the 40 instruments in the Forex asset class, EURCAD ended up ranking 26th for the day in terms of price change. Below is a price chart of EURCAD.

EURCAD

EURCAD Technical Analysis

Notably, EURCAD crossed below its 50 day moving average yesterday. Volatility for EURCAD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. For additional context, note that price has gone down 8 out of the past 14 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURCAD, with 25 buy signals on our radar and 17 sell signals. This imputes a buy/sell ratio of 1.47, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

πŸ’² EUR/CAD – Setup / AnalysisπŸ• 2HR ChartπŸ“‹ Educational β€”β€”β€”β€”β€”**-πŸ—’ Just browsing through my analysis means a lot to me….➑️ Please follow the analysis very carefully and every detail of the chart means a lot….And always entry depends on many reasons carefully studiedAlways enter into deals when there are more than 5 reasons combinedβž• Key Technical / Reason’s Long β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”Entry Break Out — 1.55750Channel Break Out Poc Break Out Turn level Daily β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”–βž•Target Reversal —- 1.58250 AreaValue Area Golden Zone Fibo Chanel Target Counter Trend line


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram