EUR/CAD Up 10 Pips On Hourly Chart, Entered Today Down For the 4th Day In A Row; Eyes 20 Day Average

Hourly Update

(Last Updated December 27, 2021 1:37 GMT)

At the time of this writing, EURCAD’s rate is up 10 pips (0.07%) from the hour prior. The hourly chart shows that EURCAD has seen 2 straight up hours. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. 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)

EURCAD is down 22 pips (0.15%) since the previous day (opening today near 1.4497), marking the 4th day in a row a decline has happened. Compared to its peers in the Forex, EURCAD gave its buyers a return that ranked 27th 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 20 day average, which is 34 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. Or to simplify this another way, note that out of the past 14 days EURCAD’s price has gone up 8 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURCAD, with 4 buy signals on our radar and 5 sell signals. This imputes a buy/sell ratio of 0.8, which is neutral. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

EURCAD Seems to be in place it hasn’t been in a long time. It recently broke through a Major support level (First time in years) but it is sitting on another major support resistance level. I am taking a bearish bias since all market seems to be bearish and technicals lead me to believe that. However I’m also having an open mind and waiting to see how it folds out. I think we can have an idea between 12 and 14 Jan Looking forward for comments.What do you think? What is you bias towards this analysis?Happy trades!