USDCAD Down 3 Pips Over Past Hour, Came Into Today Up For the 2nd Consecutive Day; Eyes 20 Day Average

Hourly Update

(Last Updated September 17, 2020 23:12 GMT)

At the time of this writing, USDCAD’s rate is down -3 pips (-0.02%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as USDCAD has now gone down 8 of the past 10 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

USDCAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

USDCAD is up 10 pips (0.08%) since yesterday (opening today near 1.31837), marking the 2nd consecutive day it has gone up. Out of the 40 instruments in the Forex asset class, USDCAD ended up ranking 17th for the day in terms of price change. Let’s take a look at price chart of USDCAD.

USDCAD

USDCAD Technical Analysis

Notably, USDCAD is now close to its 20, 50, 100 and 200 day averages, located at 1.3142, 1.3299, 1.352 and 1.3519 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 41.9 pips away. It should be noted, though, the 200 day simple moving average turned downwards, which may be a bearish sign. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. It should be noted, though, that a trend in the opposite direction, going up, exists on the 14 day timeframe. For additional context, note that price has gone up 6 out of the past 10 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on USDCAD, with 18 buy signals on our radar and 12 sell signals. This imputes a buy/sell ratio of 1.5, which is bullish. Here’s a piece we found on dailyfx.com; below is a short snippet from it to give you a taste.

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Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram