USD/CAD Down 11 Pips On Hourly Chart, Came Into Today Down For the 2nd Consecutive Day; Nears 50 and 100 Day Moving Averages

Hourly Update

(Last Updated July 29, 2022 1:35 GMT)

At the moment, USDCAD’s rate is down -11 pips (-0.09%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as USDCAD has now gone down 5 of the past 5 hours. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on USDCAD. Given that we see downtrend on the 5 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 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)

USDCAD is down 17 pips (0.13%) since the previous day (opening today near 1.2804), marking the 2nd consecutive day a decline has happened. Compared to its peers in the Forex, USDCAD gave its buyers a return that ranked 16th in terms of percentage change since the previous day. The price chart of USDCAD below illustrates.

USDCAD

USDCAD Technical Analysis

Notably, the current price of USDCAD is sitting close to its 20, 50, 100 and 200 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 14 day timeframe, which shows price moving down over that time. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. Or to simplify this another way, note that out of the past 10 days USDCAD’s price has gone down 7 them.