EURCAD Down 1 Pips in Last Hour, Came Into Today Up For the 2nd Day In A Row; Price Base in Formation Over Past 14 Days

Hourly Update

(Last Updated September 15, 2020 23:15 GMT)

Currently, EURCAD’s rate is down -1 pips (-0.01%) 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. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

EURCAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

EURCAD is up 26 pips (0.17%) since the previous day (opening today near 1.56065), marking the 2nd day in a row an increase has occurred. Relative to other instruments in the Forex asset class, EURCAD ranked 14th the previous day in terms of percentage price change. Here is a price chart of EURCAD.

EURCAD

EURCAD Technical Analysis

The first thing we should note is that the current price of EURCAD is sitting close to its 20, 50 and 100 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 50 day average, which is 29.4 pips away. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone up 7 out of the past 14 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURCAD, with 14 buy signals on our radar and 8 sell signals. This imputes a buy/sell ratio of 1.75, which is bullish. As for the rationale, technical traders seem to be citing the appearance of channel and pennant technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

END OF DOWNTREND AND NEW TREND BEGINNING WITH BREAKOUT OF TRENDLINE AND RESISTANCE.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram