(Last Updated June 8, 2022 1:39 GMT)
At the moment, EURCAD’s rate is down 0 pips (0%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on EURCAD. Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly 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.
EURCAD End of Day Recap
Updated 00:30 GMT (04:30 EST)
EURCAD is down 36 pips (0.27%) since the previous day (opening today near 1.34142), marking the 3rd day in a row a decrease has occurred. Out of the 39 instruments in the Forex asset class, EURCAD ended up ranking 33rd for the day in terms of price change. Below is a price chart of EURCAD.
EURCAD Technical Analysis
The first thing we should note is that EURCAD is now close to its 20 and 50 day averages, located at 1.356 and 1.3613 respectively, and thus may be at a key juncture along those timeframes. 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. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone down 9 out of the past 14 days.