EURCAD Up 4 Pips On Hourly Chart, Breaks Above 20 Day Average; in a Downtrend Over Past 30 Days

Hourly Update

(Last Updated May 31, 2021 2:18 GMT)

At the time of this writing, EURCAD’s rate is up 4 pips (0.03%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. Regarding the trend, note that the strongest trend 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 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Regarding moving averages, it should first be noted that price has crossed the 20 hour moving average, resulting in them so that price is now turning above it. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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 1.4729, up 13 pips 0.09% from the previous day. Compared to its peers in the Forex, EURCAD gave its buyers a return that ranked 15th in terms of percentage change since the previous day. Let’s take a look at 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. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 30 days EURCAD’s price has gone down 15 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!