EUR/CAD Up 3 Pips On Hourly Chart, Makes Big Move Relative to Two Week Trend; Crosses 20 Day Moving Average

Hourly Update

(Last Updated August 5, 2022 1:40 GMT)

At the time of this writing, EURCAD’s rate is up 3 pips (0.02%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as EURCAD has now gone up 4 of the past 5 hours. Regarding the trend, note that the strongest trend exists 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 1.3177, up 121 pips 0.93% from the previous day. Compared to its peers in the Forex, EURCAD gave its buyers a return that ranked 2nd in terms of percentage change since the previous day. Here is a price chart of EURCAD.

EURCAD

EURCAD Technical Analysis

First things first: EURCAD crossed above its 20 day moving average yesterday. 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. For additional context, note that price has gone up 7 out of the past 14 days.