EURCAD Up 2 Pips On Hourly Chart; Nears 20 and 50 Day Moving Averages

Hourly Update

(Last Updated September 17, 2021 1:17 GMT)

Currently, EURCAD’s rate is up 2 pips (0.02%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. 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 1.49205, down 58 pips (0.38%) from yesterday. Out of the 39 instruments in the Forex asset class, EURCAD ended up ranking 35th for the day in terms of price change. Below is a price chart of EURCAD.

EURCAD

EURCAD Technical Analysis

Notably, EURCAD is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 0.4 pips away. 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 30 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 10 days EURCAD’s price has gone down 5 them.