USDCAD Down 7 Pips Over Past Hour, Moves Down For the 4th Day In A Row; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated October 6, 2021 10:11 GMT)

At the time of this writing, USDCAD’s rate is down -7 pips (-0.05%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as USDCAD has now gone up 4 of the past 5 hours. Regarding the trend, note that the strongest trend exists on the 100 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 20 and 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 6 pips (0.05%) since the day prior (opening today near 1.2584), marking the 4th day in a row it has gone down. Relative to other instruments in the Forex asset class, USDCAD ranked 28th the day prior in terms of percentage price change. Here is a price chart of USDCAD.

USDCAD

USDCAD Technical Analysis

Notably, USDCAD is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 50 day average, which is 39.3 pips away. It should be noted, though, the 20 and 50 day simple moving averages turned downwards, which may be a bearish sign. 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. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. Or to simplify this another way, note that out of the past 14 days USDCAD’s price has gone up 7 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.