EUR/CAD Down 3 Pips On Hourly Chart, in a Downtrend Over Past 90 Days; Pin Bar Pattern Appearing on Chart
Bulls may note that this suggests a buy/sell ratio that is infinite.
EURCAD
(Last Updated April 15, 2021)
Hello! This is the news page for 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 | outcome |
|---|---|---|---|---|---|---|---|
| Canada Manufacturing Sales MoM | Feb 2021 | Canadian Dollar | CAD | 2021-04-15 | 12:30 GMT | -1% | -1.6% |
| Euro Area Eurogroup Video Conference | NA | Euro | EUR | 2021-04-16 | 08:00 GMT | ||
| Euro Area Core Inflation Rate YoY Final | Mar 2021 | Euro | EUR | 2021-04-16 | 09:00 GMT | 0.9% | |
| Euro Area Inflation Rate YoY Final | Mar 2021 | Euro | EUR | 2021-04-16 | 09:00 GMT | 1.3% | |
| Euro Area Balance of Trade | Feb 2021 | Euro | EUR | 2021-04-16 | 09:00 GMT |
The Trend
As for trends on EURCAD, we’re seeing an uptrend on shorter timeframes — but a downtrend on the 90 day timeframe. As such, traders with short positions should be aware of the downtrend in place on the longer timeframes.
EURCAD Moving Averages
The moving averages on EURCAD summarize its price action in an interesting way. Out of the moving averages we’re monitoring (20, 50, 100, and 200 days), all but the 20 are bearish, suggesting the trend is generally downward, aside from a spike about 3 weeks prior.
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 CADJPY. Over the past 14 days, however, the asset showing the strongest correlation to EURCAD is CADCHF. On the flip side, the asset least correlated with EURCAD over the past week has been EURTRY, but if we observe the prior two weeks, the asset least correlated with EURCAD has been USDCAD. The chart below illustrates EURCAD against its least correlated assets.
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The View From the Weekly Timeframe
At the time of this writing, EURCAD’s rate is up 85 pips (0.57%) from the week prior. Moreover, note that the weekly chart shows that EURCAD has seen 2 straight up weeks. 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 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.
EURCAD: The Monthly View
Monthly trend: strongest on the 24 month timeframe.
EURCAD Up 3 Pips in Last Hour, in a Downtrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart
Given that we see downtrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
EURCAD Down 2 Pips On Hourly Chart; in a Downtrend Over Past 14 Days
Compared to its peers in the forex, eurcad gave its buyers a return that ranked 38th in terms of percentage change since the day prior.
EURCAD Down 4 Pips Over Past Hour; Entered Today Down For the 2nd Consecutive Day
Compared to its peers in the forex, eurcad gave its buyers a return that ranked 34th in terms of percentage change since the day prior.
EURCAD Up 2 Pips Over Past Hour, 3 Day Down Streak Ended; in a Downtrend Over Past 90 Days
This imputes a buy/sell ratio of 2, which is bullish.
EURCAD Down 0 Pips Over Past Hour; Moves Down For the 3rd Day In A Row
It should be noted, though, that a trend in the opposite direction, going up, exists on the 30 day timeframe.
EURCAD Down 1 Pips On Hourly Chart, Entered Today Down For the 2nd Straight Day; in a Downtrend Over Past 90 Days
Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down.
EURCAD Up 4 Pips in Last Hour, Crosses 20 Day Moving Average; in a Downtrend Over Past 90 Days
The clearest trend exists on the 90 day timeframe, which shows price moving down over that time.
EURCAD Down 5 Pips Over Past Hour, in a Downtrend Over Past 90 Days; Nears 20 and 50 Day Moving Averages
This is a reversal of the price action on the previous hour, in which price moved up.
EURCAD Down 3 Pips Over Past Hour, Breaks Below 50 Day Average; in a Downtrend Over Past 90 Days
Relative to other instruments in the forex asset class, eurcad ranked 37th the day prior in terms of percentage price change.