EURCAD Up 1 Pips in Last Hour, Moves Down For the 4th Day In A Row; Nears 100 Day Moving Average

Hourly Update

(Last Updated October 12, 2020 2:17 GMT)

At the moment, EURCAD’s rate is up 1 pips (0.01%) from the hour prior. The hourly chart shows that EURCAD has seen 3 straight up hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

EURCAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

EURCAD is down 1 pips (0.01%) since yesterday (opening today near 1.5516), marking the 4th day in a row a decline has happened. Out of the 40 instruments in the Forex asset class, EURCAD ended up ranking 19th for the day in terms of price change. The price chart of EURCAD below illustrates.

EURCAD

EURCAD Technical Analysis

Coming into today EURCAD is now close to its 20, 50, 100 and 200 day averages, located at 1.56, 1.5607, 1.5482 and 1.5238 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 100 day average, which is 34.2 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. Or to simplify this another way, note that out of the past 10 days EURCAD’s price has gone down 6 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!