(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:
| 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 |
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.
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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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.
Monthly trend: strongest on the 24 month timeframe.
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.
This move is a reversal from the hour prior, which saw price move up.
The closest is the 20 day average, which is 41 pips away.
Relative to other instruments in the forex asset class, eurcad ranked 33rd the day prior in terms of percentage price change.
The closest is the 200 day average, which is 103.8 pips away.
This is a reversal of the price action on the previous hour, in which price moved up.
The closest is the 20 day average, which is 52 pips away.
Price action traders may also wish to note that we see a doji candlestick pattern on eurcad.
A breakout above the sma could open the door to a material turn higher in the pair, reversing losses since the beginning of this year.
Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing.