(Last Updated June 2, 2021 2:18 GMT)
At the time of this writing, EURCAD’s rate is down -3 pips (-0.02%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as EURCAD has now gone down 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.
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 1.47498, down 1 pips 0.01% from yesterday. Relative to other instruments in the Forex asset class, EURCAD ranked 16th yesterday in terms of percentage price change. The price chart of EURCAD below illustrates.
EURCAD Technical Analysis
Notably, EURCAD is now close to its 20, 50 and 100 day averages, located at 1.472, 1.4839 and 1.5049 respectively, and thus may be at a key juncture along those timeframes. 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 90 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 16 out of the past 30 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!