(Last Updated July 20, 2021 2:5 GMT)
At the moment, USDCAD’s rate is down -6 pips (-0.05%) from the hour prior. The hourly chart shows that USDCAD has seen 2 straight down hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. 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 135 pips (1.07%) since the day prior (opening today near 1.27479), marking the 3rd day in a row an upward move has occurred. Compared to its peers in the Forex, USDCAD gave its buyers a return that ranked 3rd in terms of percentage change since the day prior. Let’s take a look at price chart of USDCAD.
USDCAD Technical Analysis
Notably, USDCAD crossed above its 200 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 200 day average, which is 119.9 pips away. It should be noted, though, the 100 day simple moving average turned upwards, which may be a bullish sign. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 30 days USDCAD’s price has gone up 20 them.