(Last Updated September 24, 2021 1:42 GMT)
At the moment, USDCAD’s rate is up 3 pips (0.02%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists 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. 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)
USDCAD is down 128 pips (1%) since the previous day (opening today near 1.2658), marking the 2nd consecutive day a decline has happened. Relative to other instruments in the Forex asset class, USDCAD ranked 38th the previous day in terms of percentage price change. The price chart of USDCAD below illustrates.
USDCAD Technical Analysis
Moving average crossovers are always interesting, so let’s start there: USDCAD crossed below its 20 day moving average yesterday. 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 2.9 pips away. It should be noted, though, the 20 and 200 day simple moving averages turned downwards, which may be a bearish sign. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 10 days USDCAD’s price has gone up 6 them.