EURCAD Down 0 Pips Over Past Hour, Entered Today Up For the 2nd Straight Day; Price Base in Formation Over Past 14 Days

Hourly Update

(Last Updated September 14, 2020 23:15 GMT)

Currently, EURCAD’s rate is down 0 pips (0%) 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. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. 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)

EURCAD is up 26 pips (0.17%) since the day prior (opening today near 1.56065), marking the 2nd straight day it has gone up. Out of the 40 instruments in the Forex asset class, EURCAD ended up ranking 14th for the day in terms of price change. The price chart of EURCAD below illustrates.

EURCAD

EURCAD Technical Analysis

Coming into today EURCAD is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. 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 29.4 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone down 17 out of the past 30 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURCAD, with 24 buy signals on our radar and 16 sell signals. This imputes a buy/sell ratio of 1.5, 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.

Tea cup and handle is forming on EURCAD. After failing wedge, I am expecting price to finish a handle to the upper resistance zone as a first target.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram