USD/CAD Up 16 Pips Over Past Hour, 2 Day Down Streak Ended; Price Base in Formation Over Past 30 Days

Hourly Update

(Last Updated June 23, 2022 1:34 GMT)

At the moment, USDCAD’s rate is up 16 pips (0.12%) 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. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on USDCAD. Given that we see downtrend 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 1.2945, up 26 pips 0.2% from the day prior. Out of the 39 instruments in the Forex asset class, USDCAD ended up ranking 14th for the day in terms of price change. Here 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, 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 158 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Price action traders in particular will want to note that the 30 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 16 out of the past 30 days.