USDCAD Up 5 Pips On Hourly Chart, Entered Today Up For the 2nd Consecutive Day; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated October 15, 2020 2:13 GMT)

At the time of this writing, USDCAD’s rate is up 5 pips (0.04%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. 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)

USDCAD is up 9 pips (0.07%) since yesterday (opening today near 1.31455), marking the 2nd consecutive day it has gone up. Compared to its peers in the Forex, USDCAD gave its buyers a return that ranked 13th in terms of percentage change since yesterday. The price chart of USDCAD below illustrates.

USDCAD

USDCAD Technical Analysis

The first thing we should note is that USDCAD is now close to its 20, 50 and 100 day averages, located at 1.3265, 1.3215 and 1.3368 respectively, and thus may be at a key juncture along those timeframes. 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 69.3 pips away. The clearest trend exists on the 14 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 down 6 them. Also, candlestick traders! Note we see doji pattern appearing here as well.