(Last Updated September 14, 2020 23:12 GMT)
At the time of this writing, USDCAD’s rate is down 0 pips (0%) 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. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Of note is that the 20 and 50 hour changed directions on USDCAD; they are now pointing up. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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 1.31722, down 17 pips (0.13%) from yesterday. Out of the 40 instruments in the Forex asset class, USDCAD ended up ranking 30th for the day in terms of price change. Below is a price chart of USDCAD.
USDCAD Technical Analysis
The first thing we should note is that USDCAD is now close to its 20 and 50 day averages, located at 1.3143 and 1.3314 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 29.4 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. For additional context, note that price has gone up 5 out of the past 10 days. And for candlestick traders, a special treat: there is a doji pattern showing up on the charts as well. Rejoice!
The View From Around the Web
Of note is that traders in aggregate have opinions on USDCAD, with 20 buy signals on our radar and 10 sell signals. This imputes a buy/sell ratio of 2, which is bullish. As for the rationale, technical traders seem to be citing the appearance of pennant and supply zone technical patterns. Here’s a piece we found on tradingview.com that we thought you might enjoy.