EURCAD Down 3 Pips Over Past Hour, 2 Day Down Streak Ended; Doji Pattern Appearing on Chart

Hourly Update

(Last Updated September 18, 2020 23:15 GMT)

At the time of this writing, EURCAD’s rate is down -3 pips (-0.02%) from the hour prior. The hourly chart shows that EURCAD has seen 2 straight down hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Of note is that the 100 hour changed directions on EURCAD; it is now pointing down. 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)

EURCAD entered today at 1.55952, up 27 pips (0.17%) from the day prior. Compared to its peers in the Forex, EURCAD gave its buyers a return that ranked 12th in terms of percentage change since the day prior. Here is a price chart of EURCAD.

EURCAD

EURCAD Technical Analysis

Coming into today EURCAD is now close to its 20, 50 and 100 day averages, located at 1.5556, 1.56 and 1.5425 respectively, and thus may be at a key juncture along those timeframes. 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 4.4 pips away. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. It should be noted, though, that a trend in the opposite direction, going down, exists on the 30 day timeframe. For additional context, note that price has gone up 7 out of the past 14 days. And for candlestick traders, a special treat: there is a doji pattern showing up on the charts as well. Rejoice!

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURCAD, with 21 buy signals on our radar and 10 sell signals. This imputes a buy/sell ratio of 2.1, 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.

exit and retest of 4h channel. EU nations slowly recovering from the pandemic with close no deaths as a proportion of cases of covid. Could send this pay up in the coming months


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