(Last Updated September 10, 2020 16:12 GMT)
Currently, USDCAD’s rate is up 29 pips (0.22%) 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. Most noteworthy in the world of moving averages on the hourly chart is that the 100 and 20 hour moving averages have been crossed, so that price is now turning above them. 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 1.31442, down 91 pips (0.69%) since yesterday. Compared to its peers in the Forex, USDCAD gave its buyers a return that ranked 30th in terms of percentage change since yesterday. Let’s take a look at price chart of USDCAD.
USDCAD Technical Analysis
First things first: USDCAD crossed below its 20 day moving average yesterday. 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 20 day average, which is 4.8 pips away. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 9 out of the past 14 days.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on USDCAD, with 23 buy signals on our radar and 2 sell signals. This imputes a buy/sell ratio of 11.5, which is very bullish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Here is the daily:https://www.tradingview.com/x/XxAEswkB/As you can see the price just BROKE the Trendline….It broke out and even retested it now….Finally, here is the Entry Timeframe (H1):https://www.tradingview.com/x/gOIkDMgR/The price is moving in a consolidation after the retest.