EURCAD Up 3 Pips On Hourly Chart, Moves Down For the 2nd Straight Day; Doji Pattern Appearing on Chart

Hourly Update

(Last Updated September 6, 2021 23:16 GMT)

Currently, EURCAD’s rate is up 3 pips (0.02%) from the hour prior. The hourly chart shows that EURCAD has seen 2 straight up hours. As for the trend on the hourly timeframe, we see the clearest trend on the 50 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 25 pips (0.17%) since the previous day (opening today near 1.4879), marking the 2nd straight day a decline has happened. Compared to its peers in the Forex, EURCAD gave its buyers a return that ranked 30th in terms of percentage change since the previous day. The price chart of EURCAD below illustrates.

EURCAD

EURCAD Technical Analysis

The first thing we should note is that the current price of EURCAD is sitting close to its 20, 50, 100 and 200 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 20 day average, which is 41 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 10 days EURCAD’s price has gone down 6 them. Also, candlestick traders! Note we see doji pattern appearing here as well.

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.

The price is under the resistance, it is still difficult to identify the clearly dominant trend, the price is sideways. I think, if it consolidates under the resistance, then the price may fall to support.Traders, if you like this idea or have your own opinion about it, write in the comments. I will be glad👩‍💻