USDCAD Down 1 Pips in Last Hour, Entered Today Up For the 2nd Day In A Row; Breaks Above 50 and 100 Day Averages

Hourly Update

(Last Updated November 12, 2021 5:11 GMT)

Currently, USDCAD’s rate is down -1 pips (-0.01%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. 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 92 pips (0.73%) since the day prior (opening today near 1.25809), marking the 2nd day in a row an upward move has occurred. Relative to other instruments in the Forex asset class, USDCAD ranked 2nd the day prior in terms of percentage price change. Here is a price chart of USDCAD.

USDCAD

USDCAD Technical Analysis

Notably, USDCAD crossed above its 50 and 100 day moving averages 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 100 day average, which is 41.5 pips away. It should be noted, though, the 50 day simple moving average turned upwards, which may be a bullish sign. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 5 out of the past 10 days.