(Last Updated November 20, 2020 2:13 GMT)
Currently, USDCAD’s rate is down -6 pips (-0.05%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 50 hour moving average, resulting in them so that price is now turning below it. 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 down 4 pips (0.03%) since the day prior (opening today near 1.30715), marking the 2nd consecutive day a decrease has occurred. Out of the 40 instruments in the Forex asset class, USDCAD ended up ranking 18th for the day in terms of price change. Let’s take a look at price chart of USDCAD.
USDCAD Technical Analysis
Coming into today USDCAD is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. Trend traders will want to observe that the strongest trend appears on the 90 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. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.