EUR/CAD Up 1 Pips On Hourly Chart, Moves Up For the 6th Straight Day; in a Downtrend Over Past 90 Days

Hourly Update

(Last Updated December 16, 2021 1:40 GMT)

At the moment, EURCAD’s rate is up 1 pips (0.01%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as EURCAD has now gone down 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 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 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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 up 13 pips (0.09%) since the previous day (opening today near 1.44942), marking the 6th straight day an increase has occurred. Compared to its peers in the Forex, EURCAD gave its buyers a return that ranked 23rd in terms of percentage change since the previous day. The price chart of EURCAD below illustrates.

EURCAD

EURCAD Technical Analysis

Notably, the current price of EURCAD is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 100 day average, which is 113.4 pips away. 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. Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone up 7 out of the past 10 days.