EUR/CAD Up 8 Pips Over Past Hour, in a Downtrend Over Past 90 Days; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated September 12, 2022 1:39 GMT)

Currently, EURCAD’s rate is up 8 pips (0.06%) 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. 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 9 pips (0.07%) since yesterday (opening today near 1.3076), marking the 2nd straight day a decline has happened. Relative to other instruments in the Forex asset class, EURCAD ranked 18th yesterday in terms of percentage price change. The price chart of EURCAD below illustrates.

EURCAD

EURCAD Technical Analysis

Coming into today EURCAD is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. 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. For additional context, note that price has gone down 6 out of the past 10 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.