(Last Updated October 15, 2021 23:11 GMT)
At the moment, USDCAD’s rate is down -1 pips (-0.01%) from the hour prior. The hourly chart shows that USDCAD has seen 2 straight down hours. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on USDCAD. Given that we see an uptrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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 is down 68 pips (0.55%) since the previous day (opening today near 1.23734), marking the 3rd day in a row a decrease has occurred. Compared to its peers in the Forex, USDCAD gave its buyers a return that ranked 34th in terms of percentage change since the previous day. The price chart of USDCAD below illustrates.
USDCAD Technical Analysis
Notably, USDCAD is now close to its 20, 50, 100 and 200 day averages, located at 1.2621, 1.262, 1.2496 and 1.2506 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 122.2 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 down. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. For additional context, note that price has gone down 16 out of the past 30 days.