EURCAD Down 7 Pips in Last Hour, Breaks Above 20 Day Average; Price Base in Formation Over Past 14 and 90 Days

Hourly Update

(Last Updated January 7, 2021 2:18 GMT)

At the moment, EURCAD’s rate is down -7 pips (-0.05%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

EURCAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

EURCAD entered today at 1.56198, up 48 pips (0.31%) from yesterday. Out of the 40 instruments in the Forex asset class, EURCAD ended up ranking 13th for the day in terms of price change. Let’s take a look at price chart of EURCAD.

EURCAD

EURCAD Technical Analysis

Notably, 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 20 day average, which is 27.6 pips away. It should be noted, though, the 200 day simple moving average turned downwards, which may be a bearish sign. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. Also of note is that on the 14 and 90 day bases price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 30 days EURCAD’s price has gone up 16 them.