USDCAD Down 13 Pips Over Past Hour; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated May 6, 2021 3:13 GMT)

At the moment, USDCAD’s rate is down -13 pips (-0.11%) 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 20 hour timeframe. 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 choppiness in the recent daily price action of USDCAD continues; to start today, it came in at a price of 1.22692, down 33 pips (0.27%) since the previous day. Relative to other instruments in the Forex asset class, USDCAD ranked 32nd the previous day in terms of percentage price change. The price chart of USDCAD below illustrates.

USDCAD

USDCAD Technical Analysis

The first thing we should note is that 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. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 30 days USDCAD’s price has gone down 17 them.