EURCAD Up 2 Pips Over Past Hour, 2 Day Down Streak Snapped; in an Uptrend Over Past 30 Days

Hourly Update

(Last Updated January 5, 2021 2:18 GMT)

At the time of this writing, EURCAD’s rate is up 2 pips (0.02%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 100 hour moving average has been crossed, so that price is now turning above it. 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 1.56422, up 60 pips (0.39%) from yesterday. Relative to other instruments in the Forex asset class, EURCAD ranked 4th yesterday in terms of percentage price change. The price chart of EURCAD below illustrates.

EURCAD

EURCAD Technical Analysis

Notably, EURCAD is now close to its 20, 50, 100 and 200 day averages, located at 1.5582, 1.5535, 1.5552 and 1.5454 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 20 day average, which is 60.2 pips away. It should be noted, though, the 20, 50 and 100 day simple moving averages 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. Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 5 out of the past 10 days.