(Last Updated October 8, 2021 10:11 GMT)
Currently, USDCAD’s rate is down -1 pips (-0.01%) 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. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on USDCAD. Given that we see downtrend on the 5 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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 1.255, down 38 pips (0.3%) from the previous day. Compared to its peers in the Forex, USDCAD gave its buyers a return that ranked 38th in terms of percentage change since the previous day. Here is a 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 moving averages, which may act as price barrier for the asset. 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 200 day average, which is 37.1 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. Or to simplify this another way, note that out of the past 10 days USDCAD’s price has gone down 6 them.