EURCAD Down 11 Pips in Last Hour, Price Base in Formation Over Past 14 Days; Social Sentiment Biased Towards Buying

Hourly Update

(Last Updated September 8, 2021 12:16 GMT)

Currently, EURCAD’s rate is down -11 pips (-0.07%) from the hour prior. This is the 3rd consecutive hour EURCAD has seen its price head down. Regarding the trend, note that the strongest trend exists on the 100 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 back and forth price flow continues for EURCAD, which started today off at 1.49751, up 97 pips 0.65% from the day prior. Relative to other instruments in the Forex asset class, EURCAD ranked 3rd the day prior in terms of percentage price change. Let’s take a look at price chart of EURCAD.

EURCAD

EURCAD Technical Analysis

Coming into today 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 200 day average, which is 64.1 pips away. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. 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. Or to simplify this another way, note that out of the past 14 days EURCAD’s price has gone up 7 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURCAD, with 9 buy signals on our radar and 2 sell signals. This imputes a buy/sell ratio of 4.5, which is bullish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Pair Name : EUR/CAD Time Frame : 4hrs Scale Type : Large Scale Analysis Way : Volume + Classic + High & low + Market Map Direction : / Long Educational —————**- Just browsing through my analysis means a lot to me. Update – ————VIP OpportunityTake Profit 1 Account Growth = 5 %Pip’ Achieved = 40 PIP