USDCAD Up 4 Pips in Last Hour; is Inching Close to 20 and 50 Day Averages

Hourly Update

(Last Updated April 1, 2021 0:13 GMT)

Currently, USDCAD’s rate is up 4 pips (0.04%) 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 20 hour timeframe. 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 1.26231, up 32 pips (0.25%) since the previous day. Out of the 39 instruments in the Forex asset class, USDCAD ended up ranking 9th for the day in terms of price change. Here is a price chart of USDCAD.

USDCAD

USDCAD Technical Analysis

Notably, the current price of USDCAD is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. For additional context, note that price has gone up 7 out of the past 14 days. Moreover, we’re also seeing a bullish engulfing pattern; this may be especially noteworthy in light of the downtrend on the 14 and 90 day charts, as in this context the bullish engulfing candles may indicate the bear trend may be ending.