EURCAD Down 6 Pips On Hourly Chart, Moves Up For the 4th Consecutive Day; Nears 20 Day Moving Average

Hourly Update

(Last Updated June 10, 2021 18:20 GMT)

Currently, EURCAD’s rate is down -6 pips (-0.04%) from the hour prior. The hourly chart shows that EURCAD has seen 2 straight down hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 200 hour moving average, resulting in them with price now being below 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)

EURCAD is up 8 pips (0.06%) since the previous day (opening today near 1.47528), marking the 4th consecutive day an upward move has occurred. Out of the 39 instruments in the Forex asset class, EURCAD ended up ranking 14th for the day in terms of price change. Below is a price chart of EURCAD.

EURCAD

EURCAD Technical Analysis

The first thing we should note is that the current price of EURCAD is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 15 out of the past 30 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.