EUR/CAD Up 6 Pips in Last Hour, Moves Up For the 2nd Straight Day; in a Downtrend Over Past 90 Days

Hourly Update

(Last Updated December 30, 2021 1:41 GMT)

At the time of this writing, EURCAD’s rate is up 6 pips (0.04%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 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)

EURCAD is up 16 pips (0.11%) since yesterday (opening today near 1.45141), marking the 2nd straight day an increase has occurred. Compared to its peers in the Forex, EURCAD gave its buyers a return that ranked 21st in terms of percentage change since yesterday. The price chart of EURCAD below illustrates.

EURCAD

EURCAD Technical Analysis

The first thing we should note is that EURCAD is now close to its 20, 50, 100 and 200 day averages, located at 1.447, 1.4396, 1.4581 and 1.4691 respectively, and thus may be at a key juncture along those timeframes. 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 44.4 pips away. Volatility for EURCAD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed up. Or to simplify this another way, note that out of the past 14 days EURCAD’s price has gone up 8 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji pattern appearing here.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for EURCAD; just 1 sell signals and 3 buy signals. This imputes a buy/sell ratio of 3, which is bullish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Price is headed upwards for a liquidity grab around 1.4820 area before we see continuation of the downtrend. This is a great place to buy short term at 1.4500 with stops at 1.4434. Use proper money management. All the best to everyone and happy new year.