(Last Updated July 29, 2022 1:39 GMT)
At the time of this writing, EURCAD’s rate is up 1 pips (0.01%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists 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)
The choppiness in the recent daily price action of EURCAD continues; to start today, it came in at a price of 1.3058, down 14 pips (0.11%) since yesterday. Relative to other instruments in the Forex asset class, EURCAD ranked 14th yesterday in terms of percentage price change. Let’s take a look at price chart of EURCAD.
EURCAD Technical Analysis
The first thing we should note is that EURCAD is now close to its 20 day averages, located at 1.317 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 30 day timeframe, which shows price moving down over that time. 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 14 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!