EUR/CAD Up 8 Pips On Hourly Chart, Moves Up For the 2nd Straight Day; Breaks Above 20 Day Average

Hourly Update

(Last Updated August 2, 2022 1:38 GMT)

At the moment, EURCAD’s rate is up 8 pips (0.06%) from the hour prior. The hourly chart shows that EURCAD has seen 2 straight up hours. 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)

EURCAD is up 112 pips (0.86%) since the day prior (opening today near 1.3179), marking the 2nd straight day it has gone up. Out of the 39 instruments in the Forex asset class, EURCAD ended up ranking 3rd for the day in terms of price change. The price chart of EURCAD below illustrates.

EURCAD

EURCAD Technical Analysis

First things first: EURCAD crossed above its 20 day moving average yesterday. 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. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. For additional context, note that price has gone up 8 out of the past 14 days.