EUR/CAD Up 9 Pips Over Past Hour, 2 Day Down Streak Snapped; is Inching Close to 20 Day Average

Hourly Update

(Last Updated June 15, 2022 1:40 GMT)

At the time of this writing, EURCAD’s rate is up 9 pips (0.07%) from the hour prior. This is the 2nd consecutive hour EURCAD has seen its price head up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart 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)

The back and forth price flow continues for EURCAD, which started today off at 1.3492, up 68 pips 0.51% from the previous day. Compared to its peers in the Forex, EURCAD gave its buyers a return that ranked 12th in terms of percentage change since the previous day. The price chart of EURCAD below illustrates.

EURCAD

EURCAD Technical Analysis

The first thing we should note is that EURCAD is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 9 out of the past 14 days.