EURCAD

(Last Updated February 24, 2021)

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

Forex Calendar for EURCAD

metric_name	reference_period	asset_name	asset_id	date	time	forecast
Euro Area ECB McCaul Speech	NA	Euro	EUR	2021-02-24	13:45 GMT
European Union European Council Meeting	NA	Euro	EUR	2021-02-25	08:00 GMT
Euro Area Consumer Confidence Final	Feb 2021	Euro	EUR	2021-02-25	10:00 GMT	-14.8
Euro Area Economic Sentiment	Feb 2021	Euro	EUR	2021-02-25	10:00 GMT	92
Euro Area ECB Guindos Speech	NA	Euro	EUR	2021-02-25	15:00 GMT

The Trend

On EURCAD, there is currently a downtrend on the 90, 30 and 14 day timeframes.

EURCAD Moving Averages

EURCAD’s moving averages tell a multi-facted story about its trend. Of the 20, 50, 100, and 200 day averages — three of them (all but the 200) — are bearish, implying a downward trend, save for a jump that occurred about 6 months ago.

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

Regarding EURCAD’s correlations over the past 7 days, it has demonstrated the strongest correlation with EURJPY. Over the past 14 days, however, the asset showing the strongest correlation to EURCAD is CADCHF. Alternatively, the asset least correlated with EURCAD over the past week has been GBPCAD, but over the past two weeks, USDNOK has been the asset least correlated with EURCAD. See the chart below to observe the recent price action in EURCAD versus those of assets it hasn’t been well correlated with.

The View From the Weekly Timeframe

At the time of this writing, EURCAD’s rate is up 6 pips (0.04%) from the week prior. Moreover, note that this is a reversal of the price action on the previous week, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the weekly chart exists on the 10 week timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on EURCAD. Given that we see downtrend on the 20 and 10 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 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. The weekly chart below shows EURCAD’s price action over the past year.