USD/CAD Up 3 Pips On Hourly Chart, in an Uptrend Over Past 14 Days; is Inching Close to 100 Day Average

Hourly Update

(Last Updated November 19, 2021 1:36 GMT)

At the time of this writing, USDCAD’s rate is up 3 pips (0.03%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. 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 entered today at 1.26012, down 10 pips (0.08%) from the previous day. Compared to its peers in the Forex, USDCAD gave its buyers a return that ranked 30th in terms of percentage change since the previous day. The price chart of USDCAD below illustrates.

USDCAD

USDCAD Technical Analysis

The first thing we should note is that USDCAD is now close to its 20, 50, 100 and 200 day averages, located at 1.2455, 1.2533, 1.2549 and 1.2469 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 100 day average, which is 51.9 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 30 days USDCAD’s price has gone down 16 them.