(Last Updated September 22, 2022 1:34 GMT)
At the time of this writing, USDCAD’s rate is up 7 pips (0.05%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as USDCAD has now gone up 4 of the past 5 hours. Regarding the trend, note that the strongest trend 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 102 pips (0.76%) since the previous day (opening today near 1.3464), marking the 2nd day in a row an upward move has occurred. Compared to its peers in the Forex, USDCAD gave its buyers a return that ranked 2nd in terms of percentage change since the previous day. The price chart of USDCAD below illustrates.
USDCAD Technical Analysis
The first thing we should note is that the current price of USDCAD is sitting close to its 20 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 30 days USDCAD’s price has gone up 18 them.