EURCAD Down 3 Pips On Hourly Chart, in a Downtrend Over Past 90 Days; is Inching Close to 20 Day Average

Hourly Update

(Last Updated June 7, 2021 17:18 GMT)

Currently, EURCAD’s rate is down -3 pips (-0.02%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. 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)

After 3 down days, EURCAD snaps its streak, rising 12 pips (0.08%) over the past day to close at an exchange rate of 1.46975. Compared to its peers in the Forex, EURCAD gave its buyers a return that ranked 16th in terms of percentage change since yesterday. Let’s take a look at price chart of EURCAD.

EURCAD

EURCAD Technical Analysis

The first thing we should note is that EURCAD is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. 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 14 days EURCAD’s price has gone up 8 them.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for EURCAD; just 1 sell signals and 1 buy signals. This imputes a buy/sell ratio of 1, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a double top technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

– Multiple tops with a recent double top, morphing into a head and shoulders.