CADCHF Up 2 Pips Over Past Hour, Moves Down For the 3rd Straight Day; Crosses 20 Day Moving Average

Hourly Update

(Last Updated October 6, 2020 15:14 GMT)

Currently, CADCHF’s rate is up 2 pips (0.03%) from the hour prior. This is the 2nd consecutive hour CADCHF 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. 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 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 bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

CADCHF End of Day Recap

Updated 00:30 GMT (04:30 EST)

CADCHF is down 15 pips (0.22%) since the previous day (opening today near 0.6896), marking the 3rd straight day it has gone down. Out of the 40 instruments in the Forex asset class, CADCHF ended up ranking 29th for the day in terms of price change. Let’s take a look at price chart of CADCHF.

CADCHF

CADCHF Technical Analysis

First things first: CADCHF crossed below its 20 day moving average 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 50 day average, which is 3.1 pips away. It should be noted, though, the 100 day simple moving average turned downwards, which may be a bearish sign. Or to simplify this another way, note that out of the past 30 days CADCHF’s price has gone down 16 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on CADCHF, with 5 buy signals on our radar and 1 sell signals. This imputes a buy/sell ratio of 5, which is very bullish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com that we thought you might enjoy.