USD/CAD Down 8 Pips Over Past Hour, Came Into Today Down For the 2nd Straight Day; Eyes 20 Day Average

Hourly Update

(Last Updated July 19, 2022 1:33 GMT)

At the moment, USDCAD’s rate is down -8 pips (-0.06%) 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 50 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 10 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 down 52 pips (0.4%) since the day prior (opening today near 1.2978), marking the 2nd straight day a decrease has occurred. Relative to other instruments in the Forex asset class, USDCAD ranked 34th the day prior in terms of percentage price change. Here is a price chart of USDCAD.

USDCAD

USDCAD Technical Analysis

Notably, the current price of USDCAD is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 10 days USDCAD’s price has gone down 5 them.