USDCAD Down 7 Pips in Last Hour, Entered Today Up For the 3rd Straight Day; in a Downtrend Over Past 30 Days

Hourly Update

(Last Updated June 10, 2021 18:14 GMT)

At the time of this writing, USDCAD’s rate is down -7 pips (-0.05%) from the hour prior. The hourly chart shows that USDCAD has seen 2 straight down hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 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 20 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 bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

USDCAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

USDCAD is up 1 pips (0.01%) since yesterday (opening today near 1.21139), marking the 3rd straight day an upward move has occurred. Relative to other instruments in the Forex asset class, USDCAD ranked 18th yesterday in terms of percentage price change. Let’s take a look at price chart of USDCAD.

USDCAD

USDCAD Technical Analysis

The first thing we should note is that the current price of USDCAD is sitting close to its 20 and 50 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 90 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 10 days USDCAD’s price has gone up 6 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.