CADCHF Down 0 Pips in Last Hour, Moves Down For the 3rd Day In A Row; Price Base in Formation Over Past 30 Days

Hourly Update

(Last Updated September 10, 2021 2:15 GMT)

At the moment, CADCHF’s rate is down 0 pips (-0.01%) from the hour prior. The hourly chart shows that CADCHF has seen 2 straight down hours. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on CADCHF. Given that we see downtrend on the 10 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 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 down 25 pips (0.34%) since the day prior (opening today near 0.72384), marking the 3rd day in a row a decline has happened. Compared to its peers in the Forex, CADCHF gave its buyers a return that ranked 27th in terms of percentage change since the day prior. Let’s take a look at price chart of CADCHF.

CADCHF

CADCHF Technical Analysis

Notably, CADCHF crossed below its 20 and 200 day moving averages yesterday. 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 10.8 pips away. 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. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone down 17 out of the past 30 days.