(Last Updated May 28, 2021 1:13 GMT)
Currently, USDCAD’s rate is up 3 pips (0.02%) from the hour prior. USDCAD has seen its price go down 8 out of the past 10 hours, thus creating some compelling opportunities for bears. 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 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)
USDCAD is up 67 pips (0.55%) since the previous day (opening today near 1.21316), marking the 2nd consecutive day it has gone up. Relative to other instruments in the Forex asset class, USDCAD ranked 8th the previous day in terms of percentage price change. The price chart of USDCAD below illustrates.
USDCAD Technical Analysis
The first thing we should note is that USDCAD is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. 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. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 10 days USDCAD’s price has gone up 6 them.