USD/CAD Down 6 Pips Over Past Hour, Makes Big Move Relative to Two Week Trend; 4 Day Down Streak Broken

Hourly Update

(Last Updated September 14, 2022 1:33 GMT)

At the time of this writing, USDCAD’s rate is down -6 pips (-0.05%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as USDCAD has now gone up 8 of the past 10 hours. Regarding the trend, note that the strongest trend exists on the 50 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, which opened today priced near 1.3167, is up 176 pips 1.35% since yesterday, marking a reversal from the day prior — and the end of a 4 day negative run. Out of the 39 instruments in the Forex asset class, USDCAD ended up ranking 4th for the day in terms of price change. Here is a price chart of USDCAD.

USDCAD

USDCAD Technical Analysis

First things first: USDCAD crossed above its 20 day moving average yesterday. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 5 out of the past 10 days.