USD/CAD Up 5 Pips On Hourly Chart, Entered Today Up For the 2nd Straight Day; Doji Pattern Appearing on Chart

Hourly Update

(Last Updated July 13, 2022 1:33 GMT)

Currently, USDCAD’s rate is up 5 pips (0.03%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as USDCAD has now gone up 4 of the past 5 hours. As for the trend on the hourly timeframe, we see the clearest trend 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)

USDCAD is up 16 pips (0.12%) since the day prior (opening today near 1.3021), marking the 2nd straight day an increase has occurred. Out of the 39 instruments in the Forex asset class, USDCAD ended up ranking 10th for the day in terms of price change. Here is a price chart of USDCAD.

USDCAD

USDCAD Technical Analysis

Notably, the current price of USDCAD is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Volatility for USDCAD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 30 days USDCAD’s price has gone up 16 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji pattern appearing here.