(Last Updated January 14, 2021 2:13 GMT)
At the moment, USDCAD’s rate is down -10 pips (-0.08%) from the hour prior. This is the 2nd straight hour USDCAD has seen its price head down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart 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. Of note is that the 100 hour changed directions on USDCAD; it is now pointing up. 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 down 16 pips (0.12%) since yesterday (opening today near 1.26944), marking the 2nd day in a row a decrease has occurred. Out of the 40 instruments in the Forex asset class, USDCAD ended up ranking 22nd for the day in terms of price change. Here is a price chart of USDCAD.
USDCAD Technical Analysis
Notably, USDCAD is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. 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. Or to simplify this another way, note that out of the past 30 days USDCAD’s price has gone down 17 them.