USD/CAD Up 14 Pips in Last 4 Hours; in a Downtrend Over Past 90 Days

USD/CAD 4 Hour Price Update

Updated July 31, 2020 05:09 AM GMT (01:09 AM EST)

USD/CAD entered the current 4 hour candle at 1.3426, up 14 pips (0.1%) from the last 4 hour candle. Relative to other instruments in the Forex asset class, USD/CAD ranked 11th the last 4 hour candle in terms of percentage price change.

USD/CAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

The back and forth price flow continues for USD/CAD, which started today off at 1.34193, down 2 pips 0.02% from the day prior. Compared to its peers in the Forex, USD/CAD gave its buyers a return that ranked 31st in terms of percentage change since the day prior. Below is a price chart of USD/CAD.

USD/CAD

USD/CAD Technical Analysis

The first thing we should note is that USD/CAD is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 20 day average, which is 70.1 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. For additional context, note that price has gone up 16 out of the past 30 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on USDCAD, with 22 buy signals on our radar and 17 sell signals. This imputes a buy/sell ratio of 1.29, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a fibonacci technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

After a big impulse move a bullish flag pattern has emerged on 1hr chart for continuation