EUR/CAD 4 Hour Price Update
Updated July 31, 2020 05:06 AM GMT (01:06 AM EST)
The back and forth price flow continues for EUR/CAD, which started the current 4 hour candle off at 1.5967, up 41 pips 0.26% from the previous 4 hours. Relative to other instruments in the Forex asset class, EUR/CAD ranked 2nd 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 up 24 pips (0.15%) since the day prior (opening today near 1.59251), marking the 3rd day in a row it has gone up. Out of the 40 instruments in the Forex asset class, EUR/CAD ended up ranking 8th for the day in terms of price change. The price chart of EUR/CAD below illustrates.
EUR/CAD Technical Analysis
The first thing we should note is that EUR/CAD is now close to its 20 day moving averages, which may act as price barrier for the asset. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 30 days EUR/CAD’s price has gone up 19 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!
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 4 sell signals. This imputes a buy/sell ratio of 1, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a triangle technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
W Chart , Systematical Triangle from BreakUp Price….Key Resistance 1.61