(Last Updated September 13, 2021 11:17 GMT)
At the time of this writing, EURCAD’s rate is down -3 pips (-0.02%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as EURCAD has now gone down 4 of the past 5 hours. If you’re a trader with a preference for rangebound markets, you may wish to note that there isn’t a clear trend 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)
The back and forth price flow continues for EURCAD, which started today off at 1.49767, up 4 pips 0.03% from yesterday. Relative to other instruments in the Forex asset class, EURCAD ranked 19th yesterday in terms of percentage price change. Below is a price chart of EURCAD.
EURCAD Technical Analysis
Coming into today EURCAD is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 200 day average, which is 53.4 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. For additional context, note that price has gone up 5 out of the past 10 days. Also, candlestick traders! Note we see pin bar 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.
EURCADShort Setup👉🏻 Price did not break the previous high, in fact formed a lower high. Possible Wave-2 here is made up of a complex 3 waves’ move.