EURCAD Down 4 Pips Over Past Hour; Entered Today Down For the 2nd Consecutive Day

Hourly Update

(Last Updated May 6, 2021 3:18 GMT)

At the moment, EURCAD’s rate is down -4 pips (-0.03%) from the hour prior. This is the 3rd hour in a row EURCAD has seen its price head down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

EURCAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

EURCAD is down 49 pips (0.33%) since the day prior (opening today near 1.473), marking the 2nd consecutive day a decline has happened. Compared to its peers in the Forex, EURCAD gave its buyers a return that ranked 34th in terms of percentage change since the day prior. Below is a price chart of EURCAD.

EURCAD

EURCAD Technical Analysis

Coming into today EURCAD is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 7 out of the past 10 days.