EURCAD

(Last Updated November 27, 2020)

Welcome to the news page for EURCAD (EURCAD). Below you’ll find our daily market updates. Here’s a technical analysis summary of where things currently stand:

The Trend

For EURCAD, we have to zoom out to the 90 day timeframe and beyond to see a clear trend; at that point, a clear downtrend becomes apparent.

EURCAD Moving Averages

Nuances in the trend on EURCAD can be understood by observing the behavior of its moving averages. The 100 and 200 day averages are pointing upwards, suggesting a bullish trend, in contrast to the downward-facing 20 and 50 day averages that imply a bearish trend. Ultimately, this suggests a bearish trend on shorter timeframes, compared to a bullish trend when observing more than 3 months of data.

Below is a chart showing EURCAD’s price with its moving averages.

As for assets in the Forex asset class EURCAD has been correlated to over the past week, it has demonstrated the strongest correlation with CADCHF. EURCAD has been most correlated with CADCHF over the past 14 days also, so this may be a structural correlation in the market. On the flip side, the asset least correlated with EURCAD over the past week has been USDCHF, but if we observe the prior two weeks, the asset least correlated with EURCAD has been EURNZD. The chart below illustrates EURCAD against its least correlated assets.

The View From the Weekly Timeframe

Currently, EURCAD’s rate is down -0.0018 (-0.12%) from the week prior. Moreover, note that the weekly chart shows that EURCAD has seen 2 straight down weeks. If you’re a trend trader, consider that the strongest clear trend on the weekly chart exists on the 20 week timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on EURCAD. Given that we see downtrend on the 20 weekly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Looking further out, the moving averages on the weekly timeframe suggest a bearishness in price, as the 20 and 50 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend. EURCAD’s weekly price action over the past 52 weeks can be seen via the chart below.