EURCAD Down 5 Pips Over Past Hour, Entered Today Up For the 2nd Consecutive Day; Crosses 50 Day Moving Average

Hourly Update

(Last Updated September 22, 2020 0:15 GMT)

Currently, EURCAD’s rate is down -5 pips (-0.03%) from the hour prior. EURCAD has seen its price go up 8 out of the past 10 hours, thus creating some compelling opportunities for bulls. As for the trend on the hourly timeframe, we see the clearest trend 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 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 bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

EURCAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

EURCAD is up 37 pips (0.24%) since yesterday (opening today near 1.56323), marking the 2nd consecutive day an increase has occurred. Compared to its peers in the Forex, EURCAD gave its buyers a return that ranked 11th in terms of percentage change since yesterday. Below is a price chart of EURCAD.

EURCAD

EURCAD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: EURCAD crossed above 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 50 day average, which is 27.2 pips away. It should be noted, though, the 20 day simple moving average turned upwards, which may be a bullish 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. Or to simplify this another way, note that out of the past 14 days EURCAD’s price has gone up 8 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURCAD, with 16 buy signals on our radar and 22 sell signals. This imputes a buy/sell ratio of 0.73, 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.

🔸 4H CHART EXPLANATION: ….🔸We are waiting for a breakout to the downside, and also we need a break of the Support Zone….The potential target is the next Support at 1.50500.


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