EUR/CAD Down 22 Pips in Last Hour, Entered Today Up For the 2nd Consecutive Day; Breaks Above 20 Day Average
The closest is the 20 day average, which is 27.6 pips away.
(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:
metric_name | reference_period | asset_name | asset_id | date | time | forecast | outcome |
---|---|---|---|---|---|---|---|
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 |
On EURCAD, there is currently a downtrend on the 90, 30 and 14 day timeframes.
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.
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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.
Clearest trend on the monthly is apparent at the 60 month timeframe.
The closest is the 20 day average, which is 27.6 pips away.
Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down.
Or to simplify this another way, note that out of the past 10 days eurcad’s price has gone down 6 them.
Price action traders may also wish to note that we see a doji candlestick pattern on eurcad.
The closest is the 20 day average, which is 88.6 pips away.
The closest is the 20 day average, which is 51.7 pips away.
Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down.
The closest is the 20 day average, which is 75.7 pips away.
If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe.
The clearest trend exists on the 14 day timeframe, which shows price moving down over that time.