USDCAD Down 0 Pips On Hourly Chart; Doji Pattern Appearing on Chart

Hourly Update

(Last Updated September 28, 2020 23:12 GMT)

At the time of this writing, USDCAD’s rate is down 0 pips (0%) from the hour prior. USDCAD has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward 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 1.33599, down 25 pips (0.19%) since yesterday. Relative to other instruments in the Forex asset class, USDCAD ranked 30th yesterday in terms of percentage price change. Below is a price chart of USDCAD.

USDCAD

USDCAD Technical Analysis

The first thing we should note is that USDCAD is now close to its 20, 50, 100 and 200 day averages, located at 1.3175, 1.3257, 1.3467 and 1.3522 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 14 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 down 17 out of the past 30 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji pattern appearing here.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on USDCAD, with 18 buy signals on our radar and 16 sell signals. This imputes a buy/sell ratio of 1.12, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

USD/CAD fib retest to weekly support.Break above previous week highs then to 1.35000. 🚀Continuing weekly trend.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram