EURCAD Up 7 Pips Over Past Hour, 3 Day Up Streak Snapped; in a Downtrend Over Past 90 Days

Hourly Update

(Last Updated April 9, 2021 3:18 GMT)

Currently, EURCAD’s rate is up 7 pips (0.04%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 20 and 50 hour moving averages, resulting in them so that price is now turning above them. 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)

After 3 up days, EURCAD snaps its streak, falling 6 pips (-0.04%) over the past day to close at an exchange rate of 1.49688. Compared to its peers in the Forex, EURCAD gave its buyers a return that ranked 14th in terms of percentage change since the day prior. Here is a price chart of EURCAD.

EURCAD

EURCAD Technical Analysis

Coming into today 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. Or to simplify this another way, note that out of the past 10 days EURCAD’s price has gone up 5 them.