Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up.
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.
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.
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.
Price action traders may also wish to note that we see a doji candlestick pattern on usdcad.
Compared to its peers in the forex, usdcad gave its buyers a return that ranked 16th in terms of percentage change since the previous day.
This move is a reversal from the hour prior, which saw price move up.
If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe.
Volatility for usdcad has been contracting over the past two weeks relative to volatility over the past month.