(Last Updated October 12, 2021 0:11 GMT)
At the moment, USDCAD’s rate is up 7 pips (0.05%) from the hour prior. This is the 2nd consecutive hour USDCAD has seen its price head up. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on USDCAD. Given that we see an uptrend on the 20 and 10 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 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 80 pips (0.64%) since yesterday (opening today near 1.24702), marking the 2nd day in a row a decrease has occurred. Out of the 39 instruments in the Forex asset class, USDCAD ended up ranking 37th for the day in terms of price change. Let’s take a look at price chart of USDCAD.
USDCAD Technical Analysis
First things first: USDCAD crossed below its 100 and 200 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 10.5 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 10 days USDCAD’s price has gone down 7 them.