USDCAD Down 2 Pips On Hourly Chart; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated January 7, 2021 2:13 GMT)

At the time of this writing, USDCAD’s rate is down -2 pips (-0.02%) 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. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. 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)

The choppiness in the recent daily price action of USDCAD continues; to start today, it came in at a price of 1.26729, up 6 pips (0.05%) since yesterday. Out of the 40 instruments in the Forex asset class, USDCAD ended up ranking 23rd for the day in terms of price change. Below is a price chart of USDCAD.

USDCAD

USDCAD Technical Analysis

The first thing we should note is that USDCAD is now close to its 20 and 50 day averages, located at 1.2778 and 1.2948 respectively, and thus may be at a key juncture along those timeframes. 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 up 7 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.