EURCAD Down 6 Pips in Last Hour, in a Downtrend Over Past 14 Days; is Inching Close to 200 Day Average

Hourly Update

(Last Updated November 12, 2020 22:17 GMT)

Currently, EURCAD’s rate is down -6 pips (-0.04%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. Regarding the trend, note that the strongest trend 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 1.53843, down 9 pips (0.06%) from the day prior. Relative to other instruments in the Forex asset class, EURCAD ranked 24th the day prior in terms of percentage price change. Let’s take a look at 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 38.8 pips away. 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. Or to simplify this another way, note that out of the past 30 days EURCAD’s price has gone down 17 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.