USDCAD Down 3 Pips Over Past Hour, Entered Today Down For the 2nd Straight Day; Breaks Below 50 Day Average

Hourly Update

(Last Updated October 9, 2020 2:14 GMT)

At the moment, USDCAD’s rate is down -3 pips (-0.02%) from the hour prior. USDCAD has seen its price go down 5 out of the past 5 hours, thus creating some compelling opportunities for bears. 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 bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

USDCAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

USDCAD is down 58 pips (0.44%) since the day prior (opening today near 1.31959), marking the 2nd straight day it has gone down. Relative to other instruments in the Forex asset class, USDCAD ranked 35th the day prior in terms of percentage price change. Let’s take a look at price chart of USDCAD.

USDCAD

USDCAD Technical Analysis

Notably, USDCAD crossed below its 50 day moving average 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 50 day average, which is 36.4 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. For additional context, note that price has gone down 16 out of the past 30 days.