EUR/CAD Down 0 Pips On Hourly Chart, Moves Down For the 2nd Straight Day; in a Downtrend Over Past 90 Days

Hourly Update

(Last Updated June 7, 2022 1:41 GMT)

At the moment, EURCAD’s rate is down 0 pips (0%) from the hour prior. This is 2nd hour in a row EURCAD has seen its price head down. 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 50 pips (0.37%) since the previous day (opening today near 1.34499), marking the 2nd straight day it has gone down. Compared to its peers in the Forex, EURCAD gave its buyers a return that ranked 37th in terms of percentage change since the previous day. Let’s take a look at price chart of EURCAD.

EURCAD

EURCAD Technical Analysis

Notably, the current price of EURCAD is sitting close to its 20 and 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone down 9 out of the past 14 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURCAD, with 8 buy signals on our radar and 5 sell signals. This imputes a buy/sell ratio of 1.6, which is bullish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Hii there. Trader’s it seems like we have a nice monthly setup from EUR/CAD🔥🔥📈Our support will give us a buy entry:1.33892 & Then Our resistance will be our Tp:1.37761