USD/CAD Up 5 Pips Over Past Hour, 2 Day Up Streak Ended; Crosses 50 Day Moving Average

Hourly Update

(Last Updated August 4, 2022 1:36 GMT)

At the time of this writing, USDCAD’s rate is up 5 pips (0.04%) from the hour prior. The hourly chart shows that USDCAD has seen 3 straight up 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 entered today at 1.2838, down 42 pips (0.33%) from the day prior. Relative to other instruments in the Forex asset class, USDCAD ranked 32nd the day prior in terms of percentage price change. Here is a price chart of USDCAD.

USDCAD

USDCAD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: USDCAD crossed below its 50 day moving average yesterday. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. 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.