EURCAD Up 9 Pips Over Past Hour, 2 Day Up Streak Broken; Nears 20 Day Moving Average

Hourly Update

(Last Updated September 3, 2021 2:16 GMT)

At the moment, EURCAD’s rate is up 9 pips (0.06%) from the hour prior. This is the 2nd hour in a row EURCAD has seen its price head up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart 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 an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. With that said, traders should also note the downtrend on the 20 hourly candle timeframe, so the meaning of the candles may require further exploration. 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 entered today at 1.49042, down 43 pips (0.29%) from the day prior. Relative to other instruments in the Forex asset class, EURCAD ranked 33rd the day prior in terms of percentage price change. Below is a price chart of EURCAD.

EURCAD

EURCAD Technical Analysis

Coming into today EURCAD is now close to its 20, 50, 100 and 200 day averages, located at 1.4832, 1.481, 1.4797 and 1.5048 respectively, and thus may be at a key juncture along those timeframes. 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 20 day average, which is 71.7 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 8 out of the past 14 days.