USDCAD Up 2 Pips On Hourly Chart; Entered Today Up For the 2nd Straight Day

Hourly Update

(Last Updated January 8, 2021 3:13 GMT)

At the time of this writing, USDCAD’s rate is up 2 pips (0.02%) from the hour prior. The hourly chart shows that USDCAD has seen 2 straight up hours. If you’re a trader with a preference for rangebound markets, you may wish to note that there isn’t a clear trend on the 20, 50 and 100 hour timeframes. 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 up 17 pips (0.13%) since the previous day (opening today near 1.269), marking the 2nd straight day an increase has occurred. Compared to its peers in the Forex, USDCAD gave its buyers a return that ranked 21st in terms of percentage change since the previous day. The price chart of USDCAD below illustrates.

USDCAD

USDCAD Technical Analysis

Coming into today the current price of USDCAD is sitting close to its 20 and 50 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. For additional context, note that price has gone up 7 out of the past 14 days.