EUR/CAD Currency Pair Forecast
EUR/CAD currency pair upgraded from Hold/Accumulate to Buy Candidate after Friday trading session.
(Updated on May 17, 2024)
The EUR/CAD currency pair price gained 0.0325% on the last trading day (Friday, 17th May 2024), rising from $1.48 to $1.48. During the last trading day the currency pair fluctuated 0.301% from a day low at $1.48 to a day high of $1.48. The price has risen in 6 of the last 10 days and is up by 0.46% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 153 thousand more shares were traded than the day before. In total, 153 thousand shares were bought and sold for approximately $225.81 thousand.
The currency pairis at the upper part of a narrow and horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at $1.48 will give a strong buy signal and a trend shift could be expected. Given the current horizontal trend, you can expect EUR/CAD currency pair with a 90% probability to be traded between $1.46 and $1.49 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and currency pairs seldom manage to go directly from the bottom of a trend up to the top. Currency pairs turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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EURCAD Signals & Forecast
The EUR/CAD currency pair holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $1.48 and $1.47. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). EUR/CAD has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Wednesday, May 15, 2024, and so far it has fallen -0.0568%. Further fall is indicated until a new bottom pivot has been found. The currency pair had a Golden Star Signal on Monday, April 29, 2024 in the short-term chart.
Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the currency pair in question.
Golden Star
The currency pair had a Golden Star Signal on Monday, April 29, 2024 in the short-term chart.Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the currency pair in question.
A buy signal from a double bottom formation was found on Monday, April 22, 2024 and based on theory for this formation the price should go up by 0.0900% to $1.48 within 18 trading days since signal was issued (Monday, May 20, 2024).
Support, Risk & Stop-loss for EUR/CAD currency pair
EUR/CAD finds support from accumulated volume at $1.47 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the currency pair tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the currency pair moved $0.0045 between high and low, or 0.301%. For the last week the currency pair has had daily average volatility of 0.0865%.
Our recommended stop-loss: $1.43 (-3.62%) (This currency pair has low daily movements and this gives low risk. There is a sell signal from a pivot top found 2 days ago.)
Trading Expectations (EURCAD) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect EUR/CAD to open at $1.48, and during the day (based on 14 day Average True Range), to move between $1.48 and $1.48, which gives a possible trading interval of +/-$0.0035 (+/-0.24%) up or down from last closing price. If EUR/CAD takes out the full calculated possible swing range there will be an estimated 0.48% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $1.48 (0.05%) than the support at $1.47 (0.30%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is EUR/CAD currency pair A Buy?
Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for EUR/CAD currency pair to perform well in the short-term period. We have upgraded our analysis conclusion for this currency pair since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 2.412 Buy Candidate Upgraded
Predicted Opening Price for EUR/CAD of Monday, May 20, 2024
| Fair opening price May 20, 2024 | Current price |
|---|---|
| $1.48 ( 0.0210%) | $1.48 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for EURCAD
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.48 | 0.280 % | |
| R2 | 1.48 | 0.165 % | ||
| R1 | 1.48 | 0.0940 % | ||
| Current price: | 1.48 | |||
| Support | S1 | 1.48 | -0.136 % | |
| S2 | 1.48 | -0.207 % | ||
| S3 | 1.47 | -0.322 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 1.48 | 0.0568 % | ||
| R1 | 1.48 | 0.0480 % | ||
| Current price | 1.48 | |||
| Support | S1 | 1.47 | -0.297% | |
| S2 | 1.47 | -0.82% | ||
| S3 | 1.46 | -1.01% |
FAQ
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