EUR/CAD Down 1 Pips On Hourly Chart, Crosses 20 and 50 Day Moving Averages; in a Downtrend Over Past 90 Days

Hourly Update

(Last Updated September 8, 2022 1:38 GMT)

At the moment, EURCAD’s rate is down -1 pips (-0.01%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on EURCAD. Given that we see an uptrend 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)

A moment of silence, please, for the end of EURCAD’s 4 day down streak; price ended the previous day up 100 pips (0.77%) to finish the day at a rate of 1.3125. Relative to other instruments in the Forex asset class, EURCAD ranked 12th the previous day in terms of percentage price change. Here is a price chart of EURCAD.

EURCAD

EURCAD Technical Analysis

Notably, EURCAD crossed above its 20 and 50 day moving averages yesterday. 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. For additional context, note that price has gone down 18 out of the past 30 days.