EURCAD Up 1 Pips On Hourly Chart, 2 Day Up Streak Ended; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated September 10, 2021 2:16 GMT)

Currently, EURCAD’s rate is up 1 pips (0.01%) from the hour prior. EURCAD has seen its price go up 8 out of the past 10 hours, thus creating some compelling opportunities for bulls. If you’re a trend trader, consider that the strongest clear trend on the hourly chart 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 an uptrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. With that said, traders should also note the downtrend on the 20 hourly candle timeframe, so the meaning of the candles may require further exploration. 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 1.49725, down 28 pips (0.18%) since the day prior. Compared to its peers in the Forex, EURCAD gave its buyers a return that ranked 22nd in terms of percentage change since the day prior. Let’s take a look at price chart of EURCAD.

EURCAD

EURCAD Technical Analysis

The first thing we should note is that EURCAD is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 200 day average, which is 61 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 10 days EURCAD’s price has gone down 5 them.