(Last Updated July 26, 2021 1:41 GMT)
At the moment, USDCAD’s rate is down -1 pips (-0.01%) 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. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 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)
A moment of silence, please, for the end of USDCAD’s 3 day down streak; price ended yesterday up 6 pips (0.05%) to finish the day at a rate of 1.25678. Compared to its peers in the Forex, USDCAD gave its buyers a return that ranked 20th in terms of percentage change since yesterday. Here is a price chart of USDCAD.
USDCAD Technical Analysis
Coming into today the current price of USDCAD is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 200 day average, which is 49.4 pips away. 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. Or to simplify this another way, note that out of the past 30 days USDCAD’s price has gone up 18 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.