(Last Updated June 7, 2021 3:13 GMT)
At the moment, USDCAD’s rate is up 12 pips (0.1%) from the hour prior. This is the 2nd consecutive hour USDCAD has seen its price head up. As for the trend on the hourly timeframe, we see the clearest trend on the 50 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. Regarding moving averages, it should first be noted that price has crossed the 50 hour moving average, resulting in them with price now being above it. 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)
USDCAD entered today at 1.20786, down 27 pips (0.22%) from the previous day. Out of the 39 instruments in the Forex asset class, USDCAD ended up ranking 27th for the day in terms of price change. Here is a price chart of USDCAD.
USDCAD Technical Analysis
First things first: USDCAD crossed below its 20 day moving average yesterday. 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. For additional context, note that price has gone up 8 out of the past 14 days.