EURCAD Down 1 Pips On Hourly Chart, Entered Today Up For the 6th Straight Day; Eyes 20 Day Average

Hourly Update

(Last Updated November 11, 2021 3:16 GMT)

At the time of this writing, EURCAD’s rate is down 1 pips (0%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. From a hourly perspective, the market looks fairly choppy; clear trends aren’t showing up on the 20, 50 and 100 hour timeframes. 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 up 16 pips (0.11%) since the day prior (opening today near 1.44219), marking the 6th straight day an upward move has occurred. Relative to other instruments in the Forex asset class, EURCAD ranked 18th the day prior in terms of percentage price change. Below is a price chart of EURCAD.

EURCAD

EURCAD Technical Analysis

The first thing we should note is that the current price of EURCAD is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Volatility for EURCAD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. 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 up 9 out of the past 14 days.