EUR/CAD Up 9 Pips in Last Hour, Moves Down For the 5th Day In A Row; Eyes 20 Day Average

Hourly Update

(Last Updated December 28, 2021 1:42 GMT)

At the moment, EURCAD’s rate is up 9 pips (0.06%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as EURCAD has now gone down 4 of the past 5 hours. Regarding the trend, note that the strongest trend exists on the 50 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 8 pips (0.06%) since the day prior (opening today near 1.44889), marking the 5th day in a row a decrease has occurred. Out of the 39 instruments in the Forex asset class, EURCAD ended up ranking 31st for the day in terms of price change. Below is a 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 averages, located at 1.4468, 1.4391, 1.4585 and 1.4695 respectively, and thus may be at a key juncture along those timeframes. 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 20 day average, which is 20.6 pips away. The clearest trend exists on the 30 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. Or to simplify this another way, note that out of the past 14 days EURCAD’s price has gone up 8 them.