USDCAD Up 6 Pips On Hourly Chart; Entered Today Down For the 3rd Day In A Row

Hourly Update

(Last Updated October 12, 2020 2:14 GMT)

At the time of this writing, USDCAD’s rate is up 6 pips (0.05%) from the hour prior. USDCAD has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. 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)

USDCAD is down 80 pips (0.61%) since the previous day (opening today near 1.31159), marking the 3rd day in a row it has gone down. Relative to other instruments in the Forex asset class, USDCAD ranked 31st the previous day in terms of percentage price change. The price chart of USDCAD below illustrates.

USDCAD

USDCAD Technical Analysis

Notably, USDCAD is now close to its 20, 50 and 100 day averages, located at 1.3272, 1.3226 and 1.3389 respectively, and thus may be at a key juncture along those timeframes. 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 50 day average, which is 110.6 pips away. It should be noted, though, the 20 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 14 day horizon; over that time period, price has been moving down. Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed up. For additional context, note that price has gone down 7 out of the past 10 days.