USDCAD Down 9 Pips On Hourly Chart, Entered Today Up For the 2nd Day In A Row; Eyes 20 Day Average

Hourly Update

(Last Updated January 6, 2021 2:13 GMT)

At the moment, USDCAD’s rate is down -9 pips (-0.07%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on USDCAD. Given that we see downtrend on the 20 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 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 up 16 pips (0.12%) since yesterday (opening today near 1.27718), marking the 2nd day in a row an upward move has occurred. Compared to its peers in the Forex, USDCAD gave its buyers a return that ranked 11th in terms of percentage change since yesterday. Below is a price chart of USDCAD.

USDCAD

USDCAD Technical Analysis

Notably, 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. The clearest trend exists on the 90 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 5 them.