USDCAD Up 5 Pips in Last Hour, 2 Day Down Streak Snapped; is Inching Close to 20 Day Average

Hourly Update

(Last Updated January 4, 2021 2:13 GMT)

At the time of this writing, USDCAD’s rate is up 5 pips (0.04%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as USDCAD has now gone down 4 of the past 5 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 50 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)

The choppiness in the recent daily price action of USDCAD continues; to start today, it came in at a price of 1.2756, up 4 pips (0.03%) since the previous day. Compared to its peers in the Forex, USDCAD gave its buyers a return that ranked 23rd in terms of percentage change since the previous day. Below is a price chart of USDCAD.

USDCAD

USDCAD Technical Analysis

Notably, USDCAD is now close to its 20 and 50 day averages, located at 1.2794 and 1.2975 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 5 out of the past 10 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.