USD/CAD Up 6 Pips in Last Hour, 3 Day Down Streak Ended; Eyes 50 Day Average

Hourly Update

(Last Updated August 2, 2022 1:33 GMT)

At the moment, USDCAD’s rate is up 6 pips (0.05%) from the hour prior. The hourly chart shows that USDCAD has seen 2 straight up hours. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on USDCAD. Given that we see an uptrend 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 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)

A moment of silence, please, for the end of USDCAD’s 3 day down streak; price ended the previous day up 52 pips (0.41%) to finish the day at a rate of 1.2845. Compared to its peers in the Forex, USDCAD gave its buyers a return that ranked 10th in terms of percentage change since the previous day. Here is a 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, 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. 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. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. Or to simplify this another way, note that out of the past 14 days USDCAD’s price has gone down 9 them.