CADCHF Up 2 Pips in Last Hour, Moves Up For the 2nd Day In A Row; in an Uptrend Over Past 90 Days – CFD Trading

Hourly Update

(Last Updated April 23, 2021 2:16 GMT)

At the moment, CADCHF’s rate is up 2 pips (0.02%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on CADCHF. Given that we see an uptrend on the 5 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Most noteworthy in the world of moving averages on the hourly chart is that the 200 hour moving average has been crossed, so that price is now turning above it. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

CADCHF End of Day Recap

Updated 00:30 GMT (04:30 EST)

CADCHF is up 3 pips (0.05%) since the previous day (opening today near 0.73347), marking the 2nd day in a row an increase has occurred. Out of the 39 instruments in the Forex asset class, CADCHF ended up ranking 12th for the day in terms of price change. Below is a price chart of CADCHF.

CADCHF

CADCHF Technical Analysis

Notably, CADCHF is now close to its 20 and 50 day averages, located at 0.7394 and 0.7326 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 90 day horizon; over that time period, price has been moving up. Interestingly, a trend in the other direction exists on the 30 and 14 day timeframes, where price is headed down. Or to simplify this another way, note that out of the past 30 days CADCHF’s price has gone up 15 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji and pin bar patterns appearing here.

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