EURCAD Down 0 Pips On Hourly Chart, Moves Down For the 2nd Consecutive Day; Crosses 20 Day Moving Average

Hourly Update

(Last Updated June 3, 2021 4:18 GMT)

At the moment, EURCAD’s rate is down 0 pips (0%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on EURCAD. Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Of note is that the 200 hour changed directions on EURCAD; it is now pointing up. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

EURCAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

EURCAD is down 50 pips (0.34%) since the day prior (opening today near 1.46997), marking the 2nd consecutive day a decline has happened. Compared to its peers in the Forex, EURCAD gave its buyers a return that ranked 35th in terms of percentage change since the day prior. Let’s take a look at price chart of EURCAD.

EURCAD

EURCAD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: EURCAD crossed below its 20 day moving average yesterday. 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. For additional context, note that price has gone down 16 out of the past 30 days.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for EURCAD; just 3 sell signals and 3 buy signals. This imputes a buy/sell ratio of 1, which is neutral. Here’s a piece we found on tradingview.com that we thought you might enjoy.