EUR/CAD Down 96 Pips

EUR/CAD Price Recap

EUR/CAD is down 96 pips (0.66%) since yesterday (with its current price near 1.44059), marking the 7th day in a row a decline has happened. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was up 4.52% from the day prior, but down 30.21% from the same day the week before. Out of the 40 instruments in the Forex asset class, EUR/CAD ended up ranking 37th for the day in terms of day-over-day price change. Below is a price chart of EUR/CAD.

EUR/CAD Technical Analysis

Coming into today EUR/CAD is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 9 out of the past 14 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURCAD, with 19 buy signals on our radar and 7 sell signals. This imputes a buy/sell ratio of 2.71, which is bullish. As for the rationale, technical traders seem to be citing the appearance of fibonacci and relative strength index technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

This money is currently at a lower level I mean over sold RSI and MACD are over sold we use the strategy called Break out and retest