(Last Updated August 5, 2022 1:35 GMT)
At the moment, USDCAD’s rate is up 11 pips (0.08%) from the hour prior. This is the 3rd straight hour USDCAD has seen its price head up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on USDCAD. Given that we see an uptrend on the 20 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)
The back and forth price flow continues for USDCAD, which started today off at 1.2864, up 26 pips 0.2% from the previous day. Out of the 39 instruments in the Forex asset class, USDCAD ended up ranking 15th for the day in terms of price change. Here is a price chart of USDCAD.
USDCAD Technical Analysis
Notably, USDCAD crossed above its 50 day moving average yesterday. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 5 out of the past 10 days.