(Last Updated July 16, 2021 18:11 GMT)
Currently, USDCAD’s rate is down -4 pips (-0.03%) from the hour prior. The hourly chart shows that USDCAD has seen 2 straight down hours. Regarding the trend, note that the strongest trend exists on the 100 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)
The back and forth price flow continues for USDCAD, which started today off at 1.25999, up 84 pips 0.67% from yesterday. Relative to other instruments in the Forex asset class, USDCAD ranked 3rd yesterday in terms of percentage price change. Below is a price chart of USDCAD.
USDCAD Technical Analysis
Coming into today USDCAD is now close to its 20, 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 200 day average, which is 33.5 pips away. It should be noted, though, the 100 day simple moving average turned downwards, which may be a bearish sign. 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. For additional context, note that price has gone up 19 out of the past 30 days.