EUR/CAD Down 13 Pips in Last Hour; Entered Today Down For the 2nd Straight Day

Hourly Update

(Last Updated January 19, 2022 1:41 GMT)

At the time of this writing, EURCAD’s rate is down -13 pips (-0.09%) from the hour prior. The hourly chart shows that EURCAD has seen 2 straight down hours. Regarding the trend, note that the strongest trend exists on the 20 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 20 and 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 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 down 115 pips (0.8%) since yesterday (opening today near 1.41652), marking the 2nd straight day a decrease has occurred. Relative to other instruments in the Forex asset class, EURCAD ranked 37th yesterday in terms of percentage price change. Let’s take a look at price chart of EURCAD.

EURCAD

EURCAD Technical Analysis

Notably, 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. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 50 day average, which is 219 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 30 days EURCAD’s price has gone up 15 them.