EUR/CAD Up 3 Pips in Last Hour, Crosses 50 Day Moving Average; Price Base in Formation Over Past 30 Days

Hourly Update

(Last Updated January 7, 2022 1:39 GMT)

Currently, EURCAD’s rate is up 3 pips (0.02%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. As for the trend on the hourly timeframe, we see the clearest trend on the 50 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 back and forth price flow continues for EURCAD, which started today off at 1.43683, down 63 pips 0.44% from the previous day. Relative to other instruments in the Forex asset class, EURCAD ranked 29th the previous day in terms of percentage price change. Let’s take a look at price chart of EURCAD.

EURCAD

EURCAD Technical Analysis

First things first: EURCAD crossed below its 50 day moving average yesterday. 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 28.7 pips away. It should be noted, though, the 50 day simple moving average turned downwards, which may be a bearish sign. 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. Also of note is that on a 30 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 down 6 out of the past 10 days.