USDCAD Up 1 Pips Over Past Hour, Moves Up For the 2nd Consecutive Day; is Inching Close to 200 Day Average

Hourly Update

(Last Updated July 19, 2021 3:11 GMT)

At the moment, USDCAD’s rate is up 1 pips (0.01%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as USDCAD has now gone up 5 of the past 5 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on USDCAD. Given that we see an uptrend on the 20, 10 and 5 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 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 is up 13 pips (0.1%) since the day prior (opening today near 1.26126), marking the 2nd consecutive day an increase has occurred. Out of the 39 instruments in the Forex asset class, USDCAD ended up ranking 17th for the day in terms of price change. Let’s take a look at price chart of USDCAD.

USDCAD

USDCAD Technical Analysis

The first thing we should note is that the current price of USDCAD is sitting close to its 20, 100 and 200 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 200 day average, which is 17.6 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 up 8 out of the past 10 days.