(Last Updated July 13, 2021 1:11 GMT)
At the moment, USDCAD’s rate is down 0 pips (0%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as USDCAD has now gone down 4 of the past 5 hours. Regarding the trend, note that the strongest trend 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)
After 4 up days, USDCAD snaps its streak, falling 78 pips (-0.62%) over the past day to close at an exchange rate of 1.24503. Relative to other instruments in the Forex asset class, USDCAD ranked 35th the previous day in terms of percentage price change. Let’s take a look at price chart of 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 1.2356, 1.2211, 1.2376 and 1.2649 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 73.8 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. Or to simplify this another way, note that out of the past 30 days USDCAD’s price has gone up 18 them. Moreover, we’re also seeing a bearish engulfing pattern; in light of the uptrend on the 30, 14 and 90 day charts this may be particularly noteworthy, as it may signal the uptrend is cooling and ready to reverse.