(Last Updated September 17, 2020 23:15 GMT)
At the time of this writing, EURCAD’s rate is down -10 pips (-0.06%) 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. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 50 hour moving average has been crossed, with price now being below it. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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)
After 3 up days, EURCAD snaps its streak, falling 11 pips (-0.07%) over the past day to close at an exchange rate of 1.56181. Compared to its peers in the Forex, EURCAD gave its buyers a return that ranked 24th in terms of percentage change since the day prior. Below is a price chart of EURCAD.
EURCAD Technical Analysis
Coming into today EURCAD is now close to its 20, 50 and 100 day averages, located at 1.5562, 1.5589 and 1.5417 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 50 day average, which is 29 pips away. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed down. Or to simplify this another way, note that out of the past 30 days EURCAD’s price has gone down 16 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
We’re seeing some traders come out with interesting conviction on EURCAD, with 17 buy signals on our radar and 11 sell signals. This imputes a buy/sell ratio of 1.55, 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.
EURCAD broke the falling channel and retested it. We are now waiting for EURCAD to break the resistance zone (gray). If it breaks it, we will look for an opportunity to buy. #BePatient