EUR/CAD Up 7 Pips Over Past Hour, in a Downtrend Over Past 90 Days; Price Base in Formation Over Past 30 Days

Hourly Update

(Last Updated June 6, 2022 1:40 GMT)

At the time of this writing, EURCAD’s rate is up 7 pips (0.05%) from the hour prior. EURCAD has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. As for the trend on the hourly timeframe, we see the clearest trend on the 100 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)

The choppiness in the recent daily price action of EURCAD continues; to start today, it came in at a price of 1.35002, down 14 pips (0.11%) since yesterday. Relative to other instruments in the Forex asset class, EURCAD ranked 25th yesterday in terms of percentage price change. Here is a price chart of EURCAD.

EURCAD

EURCAD Technical Analysis

Notably, 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. 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. For additional context, note that price has gone down 6 out of the past 10 days.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for EURCAD; just 0 sell signals and 1 buy signals. This imputes a buy/sell ratio that’s infinite! But, let’s not get carried away with that idea just yet. 🙂 Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Nice looking buy hereCup and Handle PatternRide the wave up!LarenzoYouDork