(Last Updated July 15, 2022 1:35 GMT)
At the moment, USDCAD’s rate is down 0 pips (0%) from the hour prior. USDCAD has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on USDCAD. Given that we see an uptrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. With that said, traders should also note the downtrend on the 10 hourly candle timeframe, so the meaning of the candles may require further exploration. The moving averages on the hourly timeframe suggest a choppiness in price, as the are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.
USDCAD End of Day Recap
Updated 00:30 GMT (04:30 EST)
The choppiness in the recent daily price action of USDCAD continues; to start today, it came in at a price of 1.3117, up 146 pips (1.13%) since the previous day. Out of the 39 instruments in the Forex asset class, USDCAD ended up ranking 3rd for the day in terms of price change. The price chart of USDCAD below illustrates.
USDCAD Technical Analysis
Notably, USDCAD is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 30 days USDCAD’s price has gone up 16 them.