USDCAD Up 4 Pips in Last Hour; Moves Up For the 2nd Day In A Row

Hourly Update

(Last Updated July 15, 2021 1:11 GMT)

At the moment, USDCAD’s rate is up 4 pips (0.03%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. 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)

USDCAD is up 63 pips (0.51%) since yesterday (opening today near 1.252), marking the 2nd day in a row an upward move has occurred. Compared to its peers in the Forex, USDCAD gave its buyers a return that ranked 5th in terms of percentage change since yesterday. Let’s take a look at price chart of USDCAD.

USDCAD

USDCAD Technical Analysis

Notably, the current price of USDCAD is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 200 day average, which is 120.7 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. Or to simplify this another way, note that out of the past 10 days USDCAD’s price has gone up 7 them.