CADCHF Down 4 Pips Over Past Hour, Moves Up For the 2nd Consecutive Day; Breaks Above 20 Day Average

Hourly Update

(Last Updated May 31, 2021 2:17 GMT)

Currently, CADCHF’s rate is down -4 pips (-0.05%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on CADCHF. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

CADCHF End of Day Recap

Updated 00:30 GMT (04:30 EST)

CADCHF is up 13 pips (0.18%) since yesterday (opening today near 0.74451), marking the 2nd consecutive day an increase has occurred. Relative to other instruments in the Forex asset class, CADCHF ranked 8th yesterday in terms of percentage price change. Below is a price chart of CADCHF.

CADCHF

CADCHF Technical Analysis

Notably, CADCHF crossed above its 20 day moving average yesterday. Volatility for CADCHF has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Interestingly, a trend in the other direction exists on the 14 day timeframe, where price is headed down. For additional context, note that price has gone up 5 out of the past 10 days.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for CADCHF; just 0 sell signals and 2 buy signals. Bulls may note that this suggests a buy/sell ratio that is infinite. But, let’s not get carried away with that idea just yet. 🙂 Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

CADCHF CHART ANALYSIS MAY 30 2021 SUNDAY MORNING-Ranging WEEKLY chart but started to goes up last Feb 21 2021.-Forming a Daily Bullish chart pattern and had a retracement dive on March 20 2021.-Forming a D1 support zone. -Might be a miss opportunity for a MACD long.