(Last Updated September 24, 2020 0:15 GMT)
Currently, CADCHF’s rate is up 2 pips (0.03%) from the hour prior. This is the 2nd straight hour CADCHF has seen its price head up. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Of note is that the 200 hour changed directions on CADCHF; it is now pointing up. 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 entered today at 0.6913, up 40 pips (0.59%) from the previous day. Relative to other instruments in the Forex asset class, CADCHF ranked 5th the previous day in terms of percentage price change. Below is a price chart of CADCHF.
CADCHF Technical Analysis
Notably, CADCHF crossed above its 50 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 20 day average, which is 7.5 pips away. It should be noted, though, the 100 day simple moving average turned downwards, which may be a bearish sign. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 30 days CADCHF’s price has gone down 15 them.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on CADCHF, with 13 buy signals on our radar and 11 sell signals. This imputes a buy/sell ratio of 1.18, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a triangle technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
As price is in bearish expanding triangle i am looking for a sell opportunity on this pair