EUR/CAD Up 10 Pips in Last Hour, Moves Down For the 4th Consecutive Day; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated January 12, 2022 1:39 GMT)

At the time of this writing, EURCAD’s rate is up 10 pips (0.07%) from the hour prior. This move is a reversal from the hour prior, which saw price move 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)

EURCAD is down 58 pips (0.4%) since the previous day (opening today near 1.43004), marking the 4th consecutive day it has gone down. Compared to its peers in the Forex, EURCAD gave its buyers a return that ranked 33rd in terms of percentage change since the previous day. Here is a price chart of EURCAD.

EURCAD

EURCAD Technical Analysis

The first thing we should note is that EURCAD is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. 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 50 day average, which is 96.5 pips away. It should be noted, though, the 50 day simple moving average turned downwards, which may be a bearish sign. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 30 days EURCAD’s price has gone down 16 them.