(Last Updated November 23, 2020 2:13 GMT)
At the moment, USDCAD’s rate is down -11 pips (-0.08%) from the hour prior. The hourly chart shows that USDCAD has seen 2 straight down hours. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 100, 200 and 50 hour moving averages have been crossed, so that price is now turning below them. 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 1.30911, up 20 pips (0.15%) since the previous day. Compared to its peers in the Forex, USDCAD gave its buyers a return that ranked 17th in terms of percentage change since the previous day. Here is a price chart of USDCAD.
USDCAD Technical Analysis
Notably, USDCAD is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. Volatility for USDCAD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone down 15 out of the past 30 days.