EUR/CAD Down 1 Pips On Hourly Chart; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated June 16, 2022 1:39 GMT)

At the moment, EURCAD’s rate is down 1 pips (0%) from the hour prior. EURCAD has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. As for the trend on the hourly timeframe, we see the clearest trend 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)

The back and forth price flow continues for EURCAD, which started today off at 1.346, down 32 pips 0.24% from the day prior. Relative to other instruments in the Forex asset class, EURCAD ranked 21st the day prior in terms of percentage price change. The price chart of EURCAD below illustrates.

EURCAD

EURCAD Technical Analysis

Notably, EURCAD is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 6 out of the past 10 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!