EUR/CAD Up 5 Pips Over Past Hour, Entered Today Down For the 2nd Day In A Row; Eyes 20 and 50 Day Averages

Hourly Update

(Last Updated June 22, 2022 1:40 GMT)

At the moment, EURCAD’s rate is up 5 pips (0.03%) from the hour prior. The hourly chart shows that EURCAD has seen 2 straight up hours. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on EURCAD. Given that we see an uptrend on the 5 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 35 pips (0.26%) since the day prior (opening today near 1.3608), marking the 2nd day in a row a decrease has occurred. Relative to other instruments in the Forex asset class, EURCAD ranked 33rd the day prior in terms of percentage price change. Here is a price chart of EURCAD.

EURCAD

EURCAD Technical Analysis

Notably, EURCAD is now close to its 20, 50 and 100 day averages, located at 1.3547, 1.3572 and 1.383 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 30 days EURCAD’s price has gone down 19 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURCAD, with 2 buy signals on our radar and 7 sell signals. This imputes a buy/sell ratio of 0.29, which is bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

HELLO TRADERS if you like the idea support it with likeshttps://www.tradingview.com/x/4E1VgKLB/EURCAD’s trend has changed from downtrend to uptrendafter it broke the support at 1.35850 pushed higher and came down to retest itwe expect to push higher from this strong level of supportbreak below 1.35700 will make this analysis invalidgood luck