USD/CAD Up 7 Pips On Hourly Chart, 2 Day Up Streak Ended; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated September 8, 2022 1:33 GMT)

At the time of this writing, USDCAD’s rate is up 7 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 downtrend on the 20 and 10 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)

The back and forth price flow continues for USDCAD, which started today off at 1.3125, down 27 pips 0.21% from the previous day. Relative to other instruments in the Forex asset class, USDCAD ranked 30th the previous day in terms of percentage price change. Let’s take a look at price chart of USDCAD.

USDCAD

USDCAD Technical Analysis

Notably, USDCAD is now close to its 20, 50 and 100 day averages, located at 1.3, 1.2945 and 1.2882 respectively, and thus may be at a key juncture along those timeframes. 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. For additional context, note that price has gone up 18 out of the past 30 days.