EURCAD Down 2 Pips Over Past Hour, Moves Down For the 2nd Straight Day; Crosses 20 Day Moving Average

Hourly Update

(Last Updated October 8, 2020 2:17 GMT)

At the moment, EURCAD’s rate is down -2 pips (-0.01%) 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. 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 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)

EURCAD is down 28 pips (0.18%) since the previous day (opening today near 1.55867), marking the 2nd straight day it has gone down. Out of the 40 instruments in the Forex asset class, EURCAD ended up ranking 27th for the day in terms of price change. Below is a price chart of EURCAD.

EURCAD

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 20 day average, which is 21 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 10 days EURCAD’s price has gone down 6 them.