EURCAD Up 3 Pips Over Past Hour, Entered Today Down For the 3rd Consecutive Day; Eyes 20, 50 and 100 Day Averages

Hourly Update

(Last Updated July 23, 2021 2:17 GMT)

At the time of this writing, EURCAD’s rate is up 3 pips (0.02%) 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 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on EURCAD. Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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 is down 30 pips (0.2%) since the previous day (opening today near 1.47915), marking the 3rd consecutive day it has gone down. Compared to its peers in the Forex, EURCAD gave its buyers a return that ranked 28th in terms of percentage change since the previous day. Let’s take a look at price chart of EURCAD.

EURCAD

EURCAD Technical Analysis

Notably, the current price of EURCAD is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 20 day average, which is 11.7 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 30 days EURCAD’s price has gone down 16 them.