(Last Updated January 8, 2021 3:18 GMT)
At the time of this writing, EURCAD’s rate is down -12 pips (-0.08%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as EURCAD has now gone down 8 of the past 10 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 20 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 1.55706, down 49 pips (0.31%) from the day prior. Out of the 40 instruments in the Forex asset class, EURCAD ended up ranking 34th for the day in terms of price change. The price chart of EURCAD below illustrates.
EURCAD Technical Analysis
First things first: EURCAD crossed below 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 100 day average, which is 21.6 pips away. It should be noted, though, the 200 day simple moving average turned upwards, which may be a bullish 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 a 90 day basis 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.
The View From Around the Web
Of note is that traders in aggregate have opinions on EURCAD, with 1 buy signals on our radar and 14 sell signals. This imputes a buy/sell ratio of 0.07, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of demand zone and supply zone technical patterns. Here’s a piece we found on tradingview.com that we thought you might enjoy.