(Last Updated September 11, 2020 16:15 GMT)
Currently, EURCAD’s rate is down -14 pips (-0.09%) from the hour prior. This is the 2nd hour in a row EURCAD has seen its price head down. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 20 hour moving average, resulting in them so that price is now turning below it. 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)
The choppiness in the recent daily price action of EURCAD continues; to start today, it came in at a price of 1.55143, down 66 pips (0.42%) since yesterday. Out of the 40 instruments in the Forex asset class, EURCAD ended up ranking 26th for the day in terms of price change. Below is a price chart of EURCAD.
EURCAD Technical Analysis
Moving average crossovers are always interesting, so let’s start there: EURCAD crossed below its 50 day moving average yesterday. 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 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. For additional context, note that price has gone down 8 out of the past 14 days.
The View From Around the Web
Of note is that traders in aggregate have opinions on EURCAD, with 23 buy signals on our radar and 8 sell signals. This imputes a buy/sell ratio of 2.88, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
The pair is trading above the channel resistance level, It can move below resistance level to start a new down trend in the channel….If the price breaks resistance level at 1.5531 inside the channel, then the price will enter into the downward channel and start a new down trend….Then its target price will be the support level of channel at 1.5350.