EUR/CAD Down 5 Pips Over Past Hour, Moves Up For the 3rd Day In A Row; in an Uptrend Over Past 14 Days
As for the rationale, technical traders seem to be citing the appearance of trendline and trendline technical patterns.
EURCAD
(Last Updated September 21, 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
A trend/countertrend situation exists on EURCAD, in which a downtrend exists on shorter timeframes but an uptrend appears on the 90 and 14 day timeframes. As such, traders with short positions should be aware of the uptrend in place on the longer timeframes.
EURCAD Moving Averages
Across several time periods between 20 and 200 days, the trend on EURCAD has remained consistently bullish. Moreover, it should also be noted that the 20 SMA just turned bullish today.
The chart below illustrates.
Regarding EURCAD’s correlations over the past 7 days, it has been most correlated with GBPNZD. If we zoom out to a two week basis, though, CADCHF is the asset most correlated to EURCAD. On the flip side, USDTRY has been the asset least correlated with EURCAD — but if we observe the prior two weeks, ZARJPY 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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The View From the Weekly Timeframe
Currently, EURCAD’s rate is up 0.0026 (0.17%) from the week prior. Moreover, note that this is the 2nd consecutive week EURCAD has seen its price head up. As for the trend on the weekly timeframe, we see the clearest trend on the 20 week timeframe. 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. The weekly chart below shows EURCAD’s price action over the past year.
EURCAD Up 2 Pips in Last Hour, in an Uptrend Over Past 90 Days; Eyes 50 Day Average
It’s been a feast for bulls operating on an hourly timeframe, as eurcad has now gone up 8 of the past 10 hours.
EURCAD Down 5 Pips Over Past Hour, Entered Today Up For the 2nd Consecutive Day; Crosses 50 Day Moving Average
The closest is the 50 day average, which is 27.2 pips away.
EURCAD Down 3 Pips Over Past Hour, 2 Day Down Streak Ended; Doji Pattern Appearing on Chart
Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up.
EURCAD Down 10 Pips Over Past Hour, 3 Day Up Streak Ended; is Inching Close to 20 and 50 Day Averages
Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed down.
EURCAD Down 2 Pips in Last Hour, 3 Day Up Streak Snapped; Nears 20 and 50 Day Moving Averages
Or to simplify this another way, note that out of the past 30 days eurcad’s price has gone down 16 them.
EURCAD Down 1 Pips in Last Hour, Came Into Today Up For the 2nd Day In A Row; Price Base in Formation Over Past 14 Days
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.
EURCAD Down 0 Pips Over Past Hour, Entered Today Up For the 2nd Straight Day; Price Base in Formation Over Past 14 Days
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.
EURCAD Down 14 Pips in Last Hour, 2 Day Up Streak Ended; Breaks Below 50 Day Average
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.
EURCAD Down 7 Pips Over Past Hour, 2 Day Up Streak Broken; in a Downtrend Over Past 30 Days
This imputes a buy/sell ratio of 1.47, which is bullish.