USDCAD Up 6 Pips On Hourly Chart, in a Downtrend Over Past 14 Days; Sentiment Strongly Favors Sellers

Hourly Update

(Last Updated October 16, 2020 3:14 GMT)

Currently, USDCAD’s rate is up 6 pips (0.05%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. Regarding the trend, note that the strongest trend exists on the 20 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 is up 67 pips (0.51%) since the previous day (opening today near 1.32125), marking the 3rd day in a row an increase has occurred. Out of the 40 instruments in the Forex asset class, USDCAD ended up ranking 7th for the day in terms of price change. Let’s take a look at price chart of USDCAD.

USDCAD

USDCAD Technical Analysis

Coming into today the current price of USDCAD is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 0.5 pips away. It should be noted, though, the 20 day simple moving average turned upwards, which may be a bullish sign. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 14 days USDCAD’s price has gone down 8 them.