USDCAD Up 2 Pips On Hourly Chart, Moves Down For the 4th Day In A Row; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated February 25, 2021 0:14 GMT)

Currently, USDCAD’s rate is up 2 pips (0.02%) from the hour prior. This is the 2nd consecutive hour USDCAD has seen its price head up. Regarding the trend, note that the strongest trend exists on the 20 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)

USDCAD is down 23 pips (0.18%) since yesterday (opening today near 1.25868), marking the 4th day in a row a decline has happened. Out of the 39 instruments in the Forex asset class, USDCAD ended up ranking 28th for the day in terms of price change. The price chart of USDCAD below illustrates.

USDCAD

USDCAD Technical Analysis

The first thing we should note is that 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. 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.