USDCAD Down 11 Pips On Hourly Chart, Makes Big Move Relative to Two Week Trend; Nears 20 Day Moving Average

Hourly Update

(Last Updated November 5, 2021 23:11 GMT)

At the time of this writing, USDCAD’s rate is down -11 pips (-0.09%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. 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 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 entered today at 1.23831, down 26 pips (0.21%) from yesterday. Relative to other instruments in the Forex asset class, USDCAD ranked 30th yesterday in terms of percentage price change. The price chart of USDCAD below illustrates.

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 1.2399, 1.2554, 1.2532 and 1.2483 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 20 day average, which is 15.8 pips away. Volatility for USDCAD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. For additional context, note that price has gone up 7 out of the past 14 days.