EURCAD Down 10 Pips in Last Hour, Came Into Today Up For the 2nd Straight Day; in a Downtrend Over Past 90 Days

Hourly Update

(Last Updated June 1, 2021 2:18 GMT)

At the time of this writing, EURCAD’s rate is down -10 pips (-0.07%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. Regarding the trend, note that the strongest trend exists on the 100 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. Regarding moving averages, it should first be noted that price has crossed the 100 and 200 hour moving averages, resulting in them so that price is now turning below them. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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 up 22 pips (0.15%) since the day prior (opening today near 1.47509), marking the 2nd straight day an increase has occurred. Relative to other instruments in the Forex asset class, EURCAD ranked 13th the day prior in terms of percentage price change. The price chart of EURCAD below illustrates.

EURCAD

EURCAD Technical Analysis

Notably, EURCAD is now close to its 20, 50 and 100 day averages, located at 1.4721, 1.4842 and 1.5057 respectively, and thus may be at a key juncture along those timeframes. 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. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. For additional context, note that price has gone up 7 out of the past 10 days.