USD/CAD Down 3 Pips Over Past Hour, Entered Today Down For the 4th Consecutive Day; Nears 20 and 50 Day Moving Averages

Hourly Update

(Last Updated September 13, 2022 1:35 GMT)

At the time of this writing, USDCAD’s rate is down -3 pips (-0.02%) from the hour prior. USDCAD has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 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 down 35 pips (0.27%) since the previous day (opening today near 1.2991), marking the 4th consecutive day a decline has happened. Relative to other instruments in the Forex asset class, USDCAD ranked 31st the previous day in terms of percentage price change. The price chart of USDCAD below illustrates.

USDCAD

USDCAD Technical Analysis

The first thing we should note is that USDCAD is now close to its 20, 50, 100 and 200 day averages, located at 1.3033, 1.2955, 1.2893 and 1.2784 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 5 out of the past 10 days.