USDCAD Down 4 Pips in Last Hour, 3 Day Up Streak Snapped; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated October 19, 2020 10:13 GMT)

Currently, USDCAD’s rate is down -4 pips (-0.03%) from the hour prior. USDCAD has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. 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 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)

A moment of silence, please, for the end of USDCAD’s 3 day up streak; price ended the previous day down 29 pips (-0.22%) to finish the day at a rate of 1.31834. Out of the 40 instruments in the Forex asset class, USDCAD ended up ranking 31st for the day in terms of price change. The price chart of USDCAD below illustrates.

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. 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 50 day average, which is 25.7 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign. 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. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 30 days USDCAD’s price has gone up 15 them.