EUR/CAD Up 8 Pips Over Past Hour, Makes Big Move Relative to Two Week Trend; in a Downtrend Over Past 90 Days

Hourly Update

(Last Updated June 17, 2022 1:38 GMT)

Currently, EURCAD’s rate is up 8 pips (0.06%) from the hour prior. EURCAD has seen its price go up 8 out of the past 10 hours, thus creating some compelling opportunities for bulls. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on EURCAD. Given that we see an uptrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a choppiness in price, as the 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)

The choppiness in the recent daily price action of EURCAD continues; to start today, it came in at a price of 1.3658, up 198 pips (1.47%) since the previous day. Relative to other instruments in the Forex asset class, EURCAD ranked 4th the previous day in terms of percentage price change. The price chart of EURCAD below illustrates.

EURCAD

EURCAD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: EURCAD crossed above its 20 and 50 day moving averages yesterday. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 14 days EURCAD’s price has gone down 9 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURCAD, with 4 buy signals on our radar and 0 sell signals. This imputes a buy/sell ratio that’s infinite! But, let’s take that with a grain of salt. 🙂 As for the rationale, technical traders seem to be citing the appearance of demand zone technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

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