USDCAD Up 7 Pips On Hourly Chart, Crosses 20 Day Moving Average; in a Downtrend Over Past 90 Days

Hourly Update

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

At the moment, USDCAD’s rate is up 7 pips (0.06%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as USDCAD has now gone down 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. 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)

The back and forth price flow continues for USDCAD, which started today off at 1.27099, down 73 pips 0.57% from the previous day. Relative to other instruments in the Forex asset class, USDCAD ranked 35th the previous day in terms of percentage price change. Below is a price chart of USDCAD.

USDCAD

USDCAD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: USDCAD crossed below its 20 day moving average yesterday. 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 30 days USDCAD’s price has gone down 16 them.