(Last Updated September 4, 2020 9:47 GMT)
At the moment, USDCAD’s rate is down -25 pips (-0.19%) 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. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 20 and 200 hour moving averages, resulting in them so that price is now turning below them. 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 1.30428, down 20 pips (0.15%) from the previous day. Compared to its peers in the Forex, USDCAD gave its buyers a return that ranked 22nd in terms of percentage change since the previous day. Let’s take a look at price chart of USDCAD.
USDCAD Technical Analysis
Notably, USDCAD is now close to its 20 day averages, located at 1.3195 respectively, and thus may be at a key juncture along those timeframes. 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 20 day average, which is 152.1 pips away. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 21 out of the past 30 days.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on USDCAD, with 4 buy signals on our radar and 15 sell signals. This imputes a buy/sell ratio of 0.27, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on dailyfx.com; below is a short snippet from it to give you a taste.
USD/CAD trading around 61.8% Fibonacci support zone before key economic data releases.