EUR/CAD Up 2 Pips in Last Hour, in a Downtrend Over Past 90 Days; is Inching Close to 50 Day Average

Hourly Update

(Last Updated September 14, 2022 1:38 GMT)

At the moment, EURCAD’s rate is up 2 pips (0.01%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as EURCAD has now gone up 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart 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)

The choppiness in the recent daily price action of EURCAD continues; to start today, it came in at a price of 1.3118, down 26 pips (0.2%) since yesterday. Compared to its peers in the Forex, EURCAD gave its buyers a return that ranked 20th in terms of percentage change since yesterday. 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 and 100 day averages, located at 1.3052, 1.3097 and 1.3324 respectively, and thus may be at a key juncture along those timeframes. 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. For additional context, note that price has gone down 8 out of the past 14 days.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for EURCAD; just 2 sell signals and 3 buy signals. This imputes a buy/sell ratio of 1.5, which is bullish. As for the rationale, technical traders seem to be citing the appearance of demand zone technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

EURCAD has retested a local Horizontal resistance level at: 1.32305And we’ve already seen some Bearish reaction so a further Move down is possible