USDCAD Up 22 Pips On Hourly Chart, Entered Today Down For the 4th Day In A Row; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated October 13, 2020 2:14 GMT)

Currently, USDCAD’s rate is up 22 pips (0.17%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 20 hour moving average, resulting in them so that price is now turning above it. 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 6 pips (0.05%) since yesterday (opening today near 1.31096), marking the 4th day in a row it has gone down. Compared to its peers in the Forex, USDCAD gave its buyers a return that ranked 20th in terms of percentage change since yesterday. Let’s take a look at price chart of USDCAD.

USDCAD

USDCAD Technical Analysis

Notably, the current price of USDCAD is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 111.2 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. 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.