EUR/CAD Up 1 Pips On Hourly Chart, Price Base in Formation Over Past 14 Days; Sentiment Suggests Buyers in Charge

Hourly Update

(Last Updated September 8, 2021 1:46 GMT)

At the moment, EURCAD’s rate is up 1 pips (0.01%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. 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 pin bar candlestick pattern on EURCAD. Given that we see an uptrend on the 20 and 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 choppiness in price, as the 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)

The back and forth price flow continues for EURCAD, which started today off at 1.49751, up 97 pips 0.65% from yesterday. Out of the 39 instruments in the Forex asset class, EURCAD ended up ranking 3rd for the day in terms of price change. Let’s take a look at price chart of EURCAD.

EURCAD

EURCAD Technical Analysis

Coming into today 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 64.1 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. Price action traders in particular will want to note that the 14 day period 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 up 5 out of the past 10 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURCAD, with 9 buy signals on our radar and 2 sell signals. This imputes a buy/sell ratio of 4.5, which is bullish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Pair Name : EUR/CAD Time Frame : 4hrs Scale Type : Large Scale Analysis Way : Volume + Classic + High & low + Market Map Direction : / Long Educational —————**- Just browsing through my analysis means a lot to me. Update – ————VIP OpportunityTake Profit 1 Account Growth = 5 %Pip’ Achieved = 40 PIP