USD/CAD Up 3 Pips Over Past Hour; Breaks Below 20 Day Average

Hourly Update

(Last Updated July 5, 2022 1:34 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. 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)

The back and forth price flow continues for USDCAD, which started today off at 1.2859, down 24 pips 0.19% from the day prior. Relative to other instruments in the Forex asset class, USDCAD ranked 32nd the day prior in terms of percentage price change. The price chart of USDCAD below illustrates.

USDCAD

USDCAD Technical Analysis

Notably, 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. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. For additional context, note that price has gone down 6 out of the past 10 days.