USDCAD Down 3 Pips in Last Hour, Breaks Below 20 Day Average; in an Uptrend Over Past 30 Days

Hourly Update

(Last Updated October 8, 2020 2:14 GMT)

At the time of this writing, USDCAD’s rate is down -3 pips (-0.02%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

USDCAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

The back and forth price flow continues for USDCAD, which started today off at 1.32544, down 54 pips 0.41% from the previous day. Relative to other instruments in the Forex asset class, USDCAD ranked 32nd the previous day in terms of percentage price change. Below is a price chart of USDCAD.

USDCAD

USDCAD Technical Analysis

Notably, USDCAD crossed below its 20 day moving average yesterday. 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 17.6 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. 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 14 days USDCAD’s price has gone up 7 them.