EURCAD Up 2 Pips Over Past Hour, Entered Today Up For the 3rd Day In A Row; is Inching Close to 50 Day Average

Hourly Update

(Last Updated September 23, 2020 0:15 GMT)

Currently, EURCAD’s rate is up 2 pips (0.01%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Of note is that the 100 hour changed directions on EURCAD; it is now pointing up. 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 is up 30 pips (0.19%) since the day prior (opening today near 1.5662), marking the 3rd day in a row an upward move has occurred. Compared to its peers in the Forex, EURCAD gave its buyers a return that ranked 17th in terms of percentage change since the day prior. Below is a price chart of EURCAD.

EURCAD

EURCAD Technical Analysis

Notably, the current price of EURCAD is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 50 day average, which is 52.4 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 up. Or to simplify this another way, note that out of the past 30 days EURCAD’s price has gone up 15 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURCAD, with 11 buy signals on our radar and 11 sell signals. This imputes a buy/sell ratio of 1, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

EURCAD is stuck on the supply area and forms Rising Wedge Pattern, possibly it will go down to the demand area.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram