(Last Updated October 6, 2020 15:12 GMT)
At the time of this writing, USDCAD’s rate is up 3 pips (0.02%) from the hour prior. The hourly chart shows that USDCAD has seen 2 straight up hours. 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 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 back and forth price flow continues for USDCAD, which started today off at 1.32633, down 43 pips 0.32% from the previous day. Compared to its peers in the Forex, USDCAD gave its buyers a return that ranked 33rd in terms of percentage change since the previous day. The price chart of USDCAD below illustrates.
USDCAD Technical Analysis
First things first: USDCAD crossed below its 20 day moving average yesterday. 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 1.6 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. For additional context, note that price has gone down 8 out of the past 14 days.
The View From Around the Web
Of note is that traders in aggregate have opinions on USDCAD, with 15 buy signals on our radar and 7 sell signals. This imputes a buy/sell ratio of 2.14, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a fibonacci technical pattern. Here’s a piece we found on dailyfx.com; below is a short snippet from it to give you a taste.
Recent developments in the Relative Strength Index (RSI) cast a bearish outlook for USD/CAD as the indicator snaps the upward trend established in September.