EURCAD closes higher for the 2nd day in a row


Euro/Canadian Dollar (EURCAD) Technical Analysis Report for Oct 15, 2020 | by Techniquant Editorial Team

Highlights

EURCAD pushes through key technical resistance level
EURCAD fails to close above 100-day moving average
EURCAD closes higher for the 2nd day in a row
EURCAD pushes through Wednesday's high

Overview

Moving higher for the 2nd day in a row, EURCAD ended Thursday at 1.5484 gaining 37 pips (0.24%). Closing above Wednesday's high at 1.5468, the pair confirmed its breakout through the prior session high after trading up to 39 pips above it intraday.

Daily Candlestick Chart (EURCAD as at Oct 15, 2020):

Daily technical analysis candlestick chart for Euro/Canadian Dollar (EURCAD) as at Oct 15, 2020

Thursday's trading range has been 72 pips (0.47%), that's slightly below the last trading month's daily average range of 80 pips. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for EURCAD.

One bullish candlestick pattern matches today's price action, the White Candle.

Buyers managed to take out the key technical resistance level at 1.5470 (now S1), which is likely to act as support going forward. After spiking up to 1.5507 during the day, the currency found resistance at the 100-day moving average at 1.5496. The last time this happened on January 30th, EURCAD actually gained 0.79% on the following trading day.

While still in a long-term uptrend, the short and medium-term trends both turned bearish already.

Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "White Candle" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for EUR/CAD. Out of 568 times, EURCAD closed lower 52.64% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after seven trading days, showing a win rate of 56.69% with an average market move of -0.04%.

With four out of the seven Major FX Pairs closing lower today, the ones that stand out on the negative side are AUDUSD losing -0.95% and NZDUSD closing -0.89% lower. On the flipside the best performers have been USDCAD closing 0.57% higher and USDJPY gaining 0.27%. Looking at the other Minor FX Pairs and Crosses, the winners of the day have been USDNOK surging 1.17% and USDPLN closing 1.12% higher. The worst performers of the day have been AUDHKD tanking -0.95% and NZDHKD closing -0.89% lower. Read more


Market Conditions for EURCAD as at Oct 15, 2020

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