USDCAD Down 18 Pips in Last Hour, 2 Day Down Streak Ended; is Inching Close to 20 Day Average

Hourly Update

(Last Updated January 1, 2021 3:13 GMT)

At the moment, USDCAD’s rate is down -18 pips (-0.14%) from the hour prior. The hourly chart shows that USDCAD has seen 2 straight down hours. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 20 hour moving average has been crossed, so that price is now turning below it. 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 choppiness in the recent daily price action of USDCAD continues; to start today, it came in at a price of 1.2756, up 4 pips (0.03%) since the day prior. Out of the 40 instruments in the Forex asset class, USDCAD ended up ranking 23rd for the day in terms of price change. The price chart of USDCAD below illustrates.

USDCAD

USDCAD Technical Analysis

Notably, the current price of USDCAD is sitting close to its 20 and 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 7 out of the past 14 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.