USD/CAD Up 8 Pips in Last Hour, 2 Day Down Streak Broken; Breaks Above 50 and 100 Day Averages

Hourly Update

(Last Updated November 17, 2021 1:42 GMT)

At the time of this writing, USDCAD’s rate is up 8 pips (0.06%) 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. 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 an uptrend on the 20 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 1.25671, up 54 pips 0.43% from yesterday. Compared to its peers in the Forex, USDCAD gave its buyers a return that ranked 14th in terms of percentage change since yesterday. Below is a price chart of USDCAD.

USDCAD

USDCAD Technical Analysis

First things first: USDCAD crossed above its 50 and 100 day moving averages 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 100 day average, which is 21.7 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. For additional context, note that price has gone down 16 out of the past 30 days.