(Last Updated September 2, 2021 2:11 GMT)
At the moment, USDCAD’s rate is up 13 pips (0.1%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 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 5 pips (0.04%) since the previous day (opening today near 1.26235), marking the 2nd consecutive day an upward move has occurred. Out of the 39 instruments in the Forex asset class, USDCAD ended up ranking 26th for the day in terms of price change. Below is a price chart of USDCAD.
USDCAD Technical Analysis
The first thing we should note is that USDCAD is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 15.1 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone down 5 out of the past 10 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.