EURCAD Down 2 Pips Over Past Hour, Eyes 20 Day Average; Doji Pattern Appearing on Chart

Hourly Update

(Last Updated September 15, 2021 1:16 GMT)

At the moment, EURCAD’s rate is down -2 pips (-0.02%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. 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 an uptrend on the 20 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 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 1.49363, down 40 pips 0.27% from the previous day. Out of the 39 instruments in the Forex asset class, EURCAD ended up ranking 31st for the day in terms of price change. Let’s take a look at price chart of EURCAD.

EURCAD

EURCAD Technical Analysis

The first thing we should note is that 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 30.7 pips away. 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. For additional context, note that price has gone up 7 out of the past 14 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji pattern appearing here.