(Last Updated November 15, 2021 18:11 GMT)
Currently, USDCAD’s rate is down -7 pips (-0.05%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as USDCAD has now gone down 8 of the past 10 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 100 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 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 1.2553, down 28 pips 0.22% from the previous day. Out of the 39 instruments in the Forex asset class, USDCAD ended up ranking 34th for the day in terms of price change. Let’s take a look at price chart of USDCAD.
USDCAD Technical Analysis
The first thing we should note is that USDCAD is now close to its 20, 50, 100 and 200 day averages, located at 1.2412, 1.2538, 1.2542 and 1.2472 respectively, and thus may be at a key juncture along those timeframes. 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 11 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 6 out of the past 10 days.