EUR/CAD Down 20 Pips Over Past 4 Hours, Moves Down For the 2nd Day In A Row; in an Uptrend Over Past 90 Days

EUR/CAD 4 Hour Price Update

Updated April 09, 2020 01:10 AM GMT (09:10 PM EST)

EUR/CAD is down 20 pips (0.13%) since the previous 4 hours (opening the current 4 hour candle near 1.5211), marking the 3rd candle in a row it has gone down. Relative to other instruments in the Forex asset class, EUR/CAD ranked 31st the previous 4 hours in terms of percentage price change.

EUR/CAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

EUR/CAD is down 4 pips (0.03%) since yesterday (opening today near 1.5208), marking the 2nd day in a row a decline has happened. Compared to its peers in the Forex, EUR/CAD gave its buyers a return that ranked 32nd in terms of percentage change since yesterday. Below is a price chart of EUR/CAD.

EUR/CAD Technical Analysis

Coming into today the current price of EUR/CAD is sitting close to its 20 and 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. For additional context, note that price has gone down 6 out of the past 10 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURCAD, with 4 buy signals on our radar and 11 sell signals. This imputes a buy/sell ratio of 0.36, which is bearish. As for the rationale, technical traders seem to be citing the appearance of divergence and relative strength index technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

I beleive EURCAD will bounce back based on divergence on rsi.