(Last Updated September 15, 2020 23:12 GMT)
Currently, USDCAD’s rate is down -1 pips (-0.01%) from the hour prior. USDCAD has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. As for the trend on the hourly timeframe, we see the clearest trend on the 20 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 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Of note is that the 50 hour changed directions on USDCAD; it is now pointing down. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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)
The back and forth price flow continues for USDCAD, which started today off at 1.31722, down 17 pips 0.13% from the previous day. Compared to its peers in the Forex, USDCAD gave its buyers a return that ranked 30th in terms of percentage change since the previous day. Below is a price chart of USDCAD.
USDCAD Technical Analysis
Notably, the current price of USDCAD is sitting close to its 20 and 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 29.4 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 14 days USDCAD’s price has gone down 9 them. And for candlestick traders, a special treat: there is a doji pattern showing up on the charts as well. Rejoice!
The View From Around the Web
Of note is that traders in aggregate have opinions on USDCAD, with 14 buy signals on our radar and 14 sell signals. This imputes a buy/sell ratio of 1, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Again USDCAD approached the upper line of the falling channel.I recommend selling USDCAD to the support line.