(Last Updated October 6, 2020 15:15 GMT)
At the time of this writing, EURCAD’s rate is down -10 pips (-0.06%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Of note is that the 20 hour changed directions on EURCAD; it is now pointing down. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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 1.56203, up 32 pips 0.21% from the previous day. Out of the 40 instruments in the Forex asset class, EURCAD ended up ranking 18th for the day in terms of price change. The price chart of EURCAD below illustrates.
EURCAD Technical Analysis
Moving average crossovers are always interesting, so let’s start there: EURCAD crossed above its 20 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 4.3 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. For additional context, note that price has gone up 5 out of the past 10 days.
The View From Around the Web
Of note is that traders in aggregate have opinions on EURCAD, with 23 buy signals on our radar and 14 sell signals. This imputes a buy/sell ratio of 1.64, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
EURCAD Is completing the flag then push down