USD/CAD Up 3 Pips Over Past 4 Hours, Came Into Today Up For the 3rd Day In A Row; Pin Bar Pattern Appearing on Chart

USD/CAD 4 Hour Price Update

Updated June 25, 2020 01:10 PM GMT (09:10 AM EST)

USD/CAD is up 3 pips (0.02%) since the last 4 hour candle (opening the current 4 hour candle near 1.365), marking the 9th candle in a row an upward move has occurred. Compared to its peers in the Forex, USD/CAD gave its buyers a return that ranked 15th in terms of percentage change since the last 4 hour candle.

USD/CAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

USD/CAD is up 7 pips (0.05%) since the previous day (opening today near 1.36439), marking the 3rd day in a row it has gone up. Relative to other instruments in the Forex asset class, USD/CAD ranked 14th the previous day in terms of percentage price change. Let’s take a look at 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 200 day average, which is 105.7 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 90 day horizon; over that time period, price has been moving down. For additional context, note that price has gone up 7 out of the past 10 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

The View From Around the Web

Of note is that traders in aggregate have opinions on USDCAD, with 14 buy signals on our radar and 10 sell signals. This imputes a buy/sell ratio of 1.4, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a flag technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

USDCAD seems to have created a nice bullish flag….Price has also closed above the grey rectangle and is making it a minor support….My bias is that price will go back and retest the daily support that it broke before another big drop.