CADCHF Up 1 Pips in Last Hour, 4 Day Down Streak Snapped; Breaks Above 20 and 50 Day Averages

Hourly Update

(Last Updated October 8, 2020 2:16 GMT)

At the moment, CADCHF’s rate is up 1 pips (0.01%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. 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 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)

After 4 down days, CADCHF snaps its streak, rising 29 pips (0.42%) over the past day to close at an exchange rate of 0.6919. Out of the 40 instruments in the Forex asset class, CADCHF ended up ranking 12th for the day in terms of price change. Here is a price chart of CADCHF.

CADCHF

CADCHF Technical Analysis

Notably, CADCHF crossed above its 20 and 50 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 100 day average, which is 16.2 pips away. Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 14 days CADCHF’s price has gone down 8 them.