USDCAD Down 4 Pips On Hourly Chart, Moves Down For the 3rd Straight Day; Doji and Pin Bar Patterns Appearing on Chart

Hourly Update

(Last Updated July 23, 2021 2:11 GMT)

Currently, USDCAD’s rate is down -4 pips (-0.03%) 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 100 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)

USDCAD is down 6 pips (0.05%) since the previous day (opening today near 1.25614), marking the 3rd straight day a decrease has occurred. Out of the 39 instruments in the Forex asset class, USDCAD ended up ranking 21st for the day in terms of price change. Here is a 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 200 day average, which is 58.7 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 9 out of the past 14 days. And for candlestick traders, a special treat: there are doji and pin bar patterns showing up on the charts as well. Rejoice!