(Last Updated April 9, 2021 3:13 GMT)
At the time of this writing, USDCAD’s rate is up 3 pips (0.03%) from the hour prior. The hourly chart shows that USDCAD has seen 2 straight up hours. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on USDCAD. Given that we see downtrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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)
The choppiness in the recent daily price action of USDCAD continues; to start today, it came in at a price of 1.25634, down 51 pips (0.4%) since the day prior. Relative to other instruments in the Forex asset class, USDCAD ranked 28th the day prior in terms of percentage price change. Let’s take a look at price chart of 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. 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 90 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 6 out of the past 10 days.