EUR/CAD Up 1 Pips On Hourly Chart, Moves Down For the 2nd Straight Day; in a Downtrend Over Past 30 Days

Hourly Update

(Last Updated August 4, 2022 1:40 GMT)

At the moment, EURCAD’s rate is up 1 pips (0.01%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. Regarding the trend, note that the strongest trend exists on the 20 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 is down 37 pips (0.28%) since yesterday (opening today near 1.3056), marking the 2nd straight day a decline has happened. Relative to other instruments in the Forex asset class, EURCAD ranked 29th yesterday in terms of percentage price change. Here is a price chart of EURCAD.

EURCAD

EURCAD Technical Analysis

Notably, EURCAD is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. 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 down. Or to simplify this another way, note that out of the past 10 days EURCAD’s price has gone up 5 them.