USD/CAD Down 39 Pips in Last 4 Hours, Entered Today Down For the 2nd Day In A Row; in an Uptrend Over Past 14 Days

USD/CAD 4 Hour Price Update

Updated June 30, 2020 09:09 PM GMT (05:09 PM EST)

USD/CAD is down 39 pips (0.29%) since the previous 4 hours (opening the current 4 hour candle near 1.3577), marking the 2nd candle in a row it has gone down. Compared to its peers in the Forex, USD/CAD gave its buyers a return that ranked 33rd in terms of percentage change since the previous 4 hours.

USD/CAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

USD/CAD is down 4 pips (0.03%) since yesterday (opening today near 1.3654), marking the 2nd day in a row it has gone down. Relative to other instruments in the Forex asset class, USD/CAD ranked 32nd yesterday in terms of percentage price change. Here is a price chart of 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 78.5 pips away. Volatility for USD/CAD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 10 days USD/CAD’s price has gone up 6 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on USDCAD, with 17 buy signals on our radar and 16 sell signals. This imputes a buy/sell ratio of 1.06, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on dailyfx.com; below is a short snippet from it to give you a taste.

The USD/CAD reversal from the March low (1.3315) may continue to evolve in July as the RSI breaks out of the bearish trend carried over from the previous month.