(Last Updated October 5, 2020 16:20 GMT)
At the moment, USDCAD’s rate is down -0.0001 (-0.01%) from the hour prior. This is the 2nd straight hour USDCAD has seen its price head down. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Price action traders may also wish to note that we see some doji and pin bar candlestick patterns on USDCAD. Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.
USDCAD End of Day Recap
Updated 00:30 GMT (04:30 EST)
The back and forth price flow continues for USDCAD, which started today off at 1.33062, up 18 pips 0.14% from the day prior. Compared to its peers in the Forex, USDCAD gave its buyers a return that ranked 10th in terms of percentage change since the day prior. Let’s take a look at price chart of USDCAD.
USDCAD Technical Analysis
Notably, 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 49.8 pips away. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. 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 14 days USDCAD’s price has gone up 7 them.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on USDCAD, with 22 buy signals on our radar and 8 sell signals. This imputes a buy/sell ratio of 2.75, which is bullish. As for the rationale, technical traders seem to be citing the appearance of relative strength index and trendline technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
BULLISH BAT for SCALPING , RSI MUST BE ABOVE 30price need to follow Green Trend line & hit targetIf price Breaks Red Trend line is where EXIT before SL hitsPOTENTIAL BUY