EURCAD Up 2 Pips Over Past Hour, Moves Up For the 2nd Straight Day; Crosses 50 Day Moving Average

Hourly Update

(Last Updated October 27, 2020 2:16 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. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

EURCAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

EURCAD is up 40 pips (0.26%) since the day prior (opening today near 1.56013), marking the 2nd straight day an upward move has occurred. Out of the 40 instruments in the Forex asset class, EURCAD ended up ranking 13th for the day in terms of price change. The price chart of EURCAD below illustrates.

EURCAD

EURCAD Technical Analysis

First things first: EURCAD crossed above its 50 day moving average yesterday. 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 35.8 pips away. It should be noted, though, the 20 day simple moving average turned upwards, which may be a bullish sign. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 14 days EURCAD’s price has gone down 8 them.