EUR/CAD Up 12 Pips Over Past Hour, in a Downtrend Over Past 90 Days; Price Base in Formation Over Past 14 Days

Hourly Update

(Last Updated December 20, 2021 1:38 GMT)

At the time of this writing, EURCAD’s rate is up 12 pips (0.09%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. From a hourly perspective, the market looks fairly choppy; clear trends aren’t showing up on the 20, 50 and 100 hour timeframes. 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 entered today at 1.44899, up 2 pips (0.01%) from the day prior. 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. The price chart of EURCAD below illustrates.

EURCAD

EURCAD Technical Analysis

The first thing we should note is that EURCAD is now close to its 20, 50, 100 and 200 day averages, located at 1.4394, 1.4373, 1.4601 and 1.4705 respectively, and thus may be at a key juncture along those timeframes. 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 95.9 pips away. It should be noted, though, the 50 day simple moving average turned upwards, which may be a bullish sign. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. It should be noted, though, that a trend in the opposite direction, going up, exists on the 30 day timeframe. 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 17 out of the past 30 days.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for EURCAD; just 1 sell signals and 0 buy signals. This imputes a buy/sell ratio of 0, which is quite bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

looking for price to head towards 1.44 then possible push towards 1.43 without taking out last week high.