EUR/CAD Up 4 Pips On Hourly Chart, 4 Day Down Streak Snapped; Price Base in Formation Over Past 30 Days

Hourly Update

(Last Updated June 3, 2022 1:39 GMT)

Currently, 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. 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)

EURCAD, which opened today priced near 1.35145, is up 25 pips 0.18% since the previous day, marking a reversal from the day prior — and the end of a 4 day negative run. Relative to other instruments in the Forex asset class, EURCAD ranked 20th the previous day in terms of percentage price change. Here is a price chart of EURCAD.

EURCAD

EURCAD Technical Analysis

Coming into today the current price of EURCAD is sitting close to its 20 and 50 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. 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.