USDCAD Up 2 Pips Over Past Hour, Moves Up For the 2nd Consecutive Day; Nears 200 Day Moving Average

Hourly Update

(Last Updated July 19, 2021 6:11 GMT)

At the time of this writing, USDCAD’s rate is up 2 pips (0.02%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as USDCAD has now gone up 8 of the past 10 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 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 is up 13 pips (0.1%) since yesterday (opening today near 1.26126), marking the 2nd consecutive day an increase has occurred. Compared to its peers in the Forex, USDCAD gave its buyers a return that ranked 17th in terms of percentage change since yesterday. Let’s take a look at price chart of USDCAD.

USDCAD

USDCAD Technical Analysis

Notably, USDCAD is now close to its 20, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 200 day average, which is 17.6 pips away. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. Or to simplify this another way, note that out of the past 30 days USDCAD’s price has gone up 20 them.