USD/CAD Down 4 Pips On Hourly Chart, 2 Day Up Streak Broken; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated November 15, 2021 1:33 GMT)

Currently, USDCAD’s rate is down -4 pips (-0.03%) 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. Regarding the trend, note that the strongest trend 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 entered today at 1.2553, down 28 pips (0.22%) from the day prior. Out of the 39 instruments in the Forex asset class, USDCAD ended up ranking 34th for the day in terms of price change. Here is a price chart of USDCAD.

USDCAD

USDCAD Technical Analysis

Notably, USDCAD is now close to its 20, 50, 100 and 200 day averages, located at 1.2412, 1.2538, 1.2542 and 1.2472 respectively, and thus may be at a key juncture along those timeframes. 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 11 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 up. For additional context, note that price has gone down 17 out of the past 30 days.