EUR/CAD Up 11 Pips in Last Hour; Moves Down For the 2nd Consecutive Day

Hourly Update

(Last Updated July 5, 2022 1:38 GMT)

At the time of this writing, EURCAD’s rate is up 11 pips (0.08%) from the hour prior. The hourly chart shows that EURCAD has seen 2 straight up hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on EURCAD. Given that we see downtrend on the 20 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 down 26 pips (0.19%) since the day prior (opening today near 1.341), marking the 2nd consecutive day a decline has happened. Relative to other instruments in the Forex asset class, EURCAD ranked 31st the day prior 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, 50 and 100 day moving averages, which may act as price barrier for the asset. 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 down 6 out of the past 10 days.