EURCAD Down 3 Pips in Last Hour, Came Into Today Down For the 3rd Straight Day; Price Base in Formation Over Past 30 and 90 Days

Hourly Update

(Last Updated January 15, 2021 3:18 GMT)

At the time of this writing, EURCAD’s rate is down -3 pips (-0.02%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. As for the trend on the hourly timeframe, we see the clearest trend 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 downtrend 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 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 80 pips (0.52%) since the previous day (opening today near 1.53542), marking the 3rd straight day a decline has happened. Compared to its peers in the Forex, EURCAD gave its buyers a return that ranked 36th in terms of percentage change since the previous day. Below is a price chart of EURCAD.

EURCAD

EURCAD Technical Analysis

The first thing we should note is that EURCAD is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 200 day average, which is 103.7 pips away. It should be noted, though, the 50 day simple moving average turned downwards, which may be a bearish 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 down. Price action traders in particular will want to note that the 30 and 90 day periods appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone down 16 out of the past 30 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURCAD, with 6 buy signals on our radar and 3 sell signals. This imputes a buy/sell ratio of 2, which is bullish. Here’s a piece we found on tradingview.com that we thought you might enjoy.