USDCAD Down 1 Pips On Hourly Chart, 4 Day Down Streak Snapped; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated October 14, 2020 2:13 GMT)

Currently, USDCAD’s rate is down -1 pips (-0.01%) 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 100 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)

USDCAD, which opened today priced near 1.31361, is up 27 pips 0.2% since the day prior, marking a reversal from the day prior — and the end of a 4 day negative run. Relative to other instruments in the Forex asset class, USDCAD ranked 12th the day prior in terms of percentage price change. Below 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 and 100 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 81.1 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 9 out of the past 14 days.