USD/CAD Down 14 Pips in Last Hour, Moves Up For the 3rd Day In A Row; in an Uptrend Over Past 30 Days

Hourly Update

(Last Updated September 23, 2022 1:34 GMT)

At the time of this writing, USDCAD’s rate is down -14 pips (-0.1%) 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. 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 is up 23 pips (0.17%) since yesterday (opening today near 1.3487), marking the 3rd day in a row an increase has occurred. Out of the 39 instruments in the Forex asset class, USDCAD ended up ranking 13th for the day in terms of price change. Let’s take a look at price chart of USDCAD.

USDCAD

USDCAD Technical Analysis

The first thing we should note is that the current price of USDCAD is sitting close to its 20 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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. For additional context, note that price has gone up 8 out of the past 14 days.