EURCAD Up 2 Pips Over Past Hour, in a Downtrend Over Past 90 Days; is Inching Close to 20 Day Average

Hourly Update

(Last Updated June 10, 2021 7:18 GMT)

At the moment, EURCAD’s rate is up 2 pips (0.01%) 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 50 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on EURCAD. Given that we see downtrend on the 10 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 bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

EURCAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

EURCAD is up 8 pips (0.06%) since the day prior (opening today near 1.47528), marking the 4th consecutive day an upward move has occurred. Out of the 39 instruments in the Forex asset class, EURCAD ended up ranking 14th for the day in terms of price change. Below is a price chart of EURCAD.

EURCAD

EURCAD Technical Analysis

Coming into today EURCAD is now close to its 20, 50 and 100 day averages, located at 1.4728, 1.4827 and 1.5009 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Also of note is that on a 14 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 up 15 out of the past 30 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!