This is a reversal of the price action on the previous hour, in which price moved down.
Compared to its peers in the forex, nzdcad gave its buyers a return that ranked 25th in terms of percentage change since yesterday.
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.
Bulls may note that this suggests a buy/sell ratio that is infinite.
Relative to other instruments in the forex asset class, nzdcad ranked 12th the day prior in terms of percentage price change.
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.
Interestingly, a trend in the other direction exists on the 14 day timeframe, where price is headed down.
Of note is that the 20 hour changed directions on nzdcad; it is now pointing down.
If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe.
This move is a reversal from the hour prior, which saw price move down.