EURCAD Down 0 Pips Over Past Hour, Moves Up For the 2nd Straight Day; in a Downtrend Over Past 14 Days
This is a reversal of the price action on the previous hour, in which price moved up.
EURCAD
(Last Updated October 28, 2020)
Hello! This is the news page for EURCAD. Below you’ll find our daily market updates. Here’s a technical analysis summary of where things currently stand:
The Trend
As for trends on EURCAD, we’re seeing a downtrend on shorter timeframes — but an uptrend 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
Nuances in the trend on EURCAD can be understood by observing the behavior of its moving averages. The 100 and 200 day averages are pointing upwards, suggesting a bullish trend, in contrast to the downward-facing 20 and 50 day averages that imply a bearish trend. Ultimately, this suggests a bearish trend on shorter timeframes, compared to a bullish trend when observing more than 3 months of data. Moreover, it should also be noted that the 20 SMA just turned bearish today.
The chart below illustrates.
As for assets in the Forex asset class EURCAD has been correlated to over the past week, it has demonstrated the strongest correlation with CADCHF. CADCHF is the asset with which EURCAD has been most correlated with over the past two weeks as well, so this may be a structural correlation in the market. On the flip side, the asset least correlated with EURCAD over the past week has been AUDCHF, but over the past two weeks, the asset least correlated with EURCAD has been EURGBP. 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 down -0.0012 (-0.08%) from the week prior. Moreover, note that this move is a reversal from the week prior, which saw price move up. If you’re a trader with a preference for rangebound markets, you may wish to note that there isn’t a clear trend on the 5, 10 and 20 week timeframes. 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. EURCAD’s weekly price action over the past 52 weeks can be seen via the chart below.
EURCAD: The Monthly View
Clearest trend on the monthly is apparent at the 24 month timeframe.
EURCAD Up 4 Pips in Last Hour, 6 Day Down Streak Snapped; Eyes 100 Day Average
The closest is the 100 day average, which is 61.7 pips away.
EURCAD Up 4 Pips Over Past Hour, Entered Today Down For the 6th Consecutive Day; Price Base in Formation Over Past 30 Days
The clearest trend exists on the 14 day timeframe, which shows price moving down over that time.
EURCAD Up 6 Pips in Last Hour, Entered Today Down For the 5th Day In A Row; Nears 100 Day Moving Average
Relative to other instruments in the forex asset class, eurcad ranked 24th yesterday in terms of percentage price change.
EURCAD Up 1 Pips in Last Hour, Moves Down For the 4th Day In A Row; Nears 100 Day Moving Average
And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well.
EURCAD Down 9 Pips in Last Hour, Entered Today Down For the 3rd Consecutive Day; is Inching Close to 100 Day Average
The clearest trend exists on the 90 day timeframe, which shows price moving up over that time.
EURCAD Down 2 Pips Over Past Hour, Moves Down For the 2nd Straight Day; Crosses 20 Day Moving Average
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 10 Pips in Last Hour; Crosses 20 Day Moving Average
Of note is that the 20 hour changed directions on eurcad; it is now pointing down.
EUR/CAD Up 1 Pips On Hourly Chart, Crosses 20 Day Moving Average; Doji Pattern Appearing on Chart
Further confirmation came about as the pair cleared the 200 period moving average early on during today’s european session, whilst also breaking out of it short term falling wedge pattern….
EURCAD Down 1 Pips in Last Hour; Crosses 20 Day Moving Average
Further confirmation came about as the pair cleared the 200 period moving average early on during today’s european session, whilst also breaking out of it short term falling wedge pattern….