(Last Updated September 16, 2020 23:15 GMT)
At the time of this writing, EURCAD’s rate is down -2 pips (-0.01%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on EURCAD. Given that we see downtrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Most noteworthy in the world of moving averages on the hourly chart is that the 200 hour moving average has been crossed, so that price is now turning below it. 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)
A moment of silence, please, for the end of EURCAD’s 3 day up streak; price ended the day prior down 11 pips (-0.07%) to finish the day at a rate of 1.56181. Compared to its peers in the Forex, EURCAD gave its buyers a return that ranked 24th in terms of percentage change since the day prior. Below is a price chart of EURCAD.
EURCAD Technical Analysis
The first thing we should note is that EURCAD is now close to its 20, 50 and 100 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 50 day average, which is 29 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. Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed down. Or to simplify this another way, note that out of the past 30 days EURCAD’s price has gone down 16 them. Also, candlestick traders! Note we see doji pattern appearing here as well.
The View From Around the Web
Of note is that traders in aggregate have opinions on EURCAD, with 6 buy signals on our radar and 3 sell signals. This imputes a buy/sell ratio of 2, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
now she get out of the zone, but it is smoothly touching the outer surface of the red channel after a very important break out….Therefore, the possibility of price increase is one of the serious expectations….so, I suggest to who already have opened long position, that it is a wisely risk if not close the position before the breaking the upper line of the channel as a confirmation of failure of the idea.