(Last Updated January 5, 2021 2:13 GMT)
At the moment, USDCAD’s rate is down -2 pips (-0.02%) from the hour prior. This is the 2nd consecutive hour USDCAD has seen its price head down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists 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. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.
USDCAD End of Day Recap
Updated 00:30 GMT (04:30 EST)
USDCAD is up 16 pips (0.12%) since yesterday (opening today near 1.27718), marking the 2nd day in a row an upward move has occurred. Relative to other instruments in the Forex asset class, USDCAD ranked 11th yesterday in terms of percentage price change. Below is a price chart of USDCAD.
USDCAD Technical Analysis
Coming into today USDCAD is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 7 out of the past 14 days.