USD/CAD Down 6 Pips On Hourly Chart, in an Uptrend Over Past 90 Days; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated September 22, 2021 1:44 GMT)

At the time of this writing, USDCAD’s rate is down -6 pips (-0.04%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on USDCAD. Given that we see an uptrend on the 20 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 up 13 pips (0.11%) since the day prior (opening today near 1.28225), marking the 4th straight day it has gone up. Compared to its peers in the Forex, USDCAD gave its buyers a return that ranked 10th in terms of percentage change since the day prior. Let’s take a look at price chart of USDCAD.

USDCAD

USDCAD Technical Analysis

The first thing we should note is that USDCAD is now close to its 20, 50 and 200 day averages, located at 1.2652, 1.2609 and 1.2523 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 20 day average, which is 170.3 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 7 out of the past 10 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.