USD/CAD Up 1 Pips Over Past 4 Hours, 4 Day Down Streak Ended; in a Downtrend Over Past 90 Days

USD/CAD 4 Hour Price Update

Updated August 08, 2020 09:21 AM GMT (05:21 AM EST)

USD/CAD entered the current 4 hour candle at 1.3381, up 1 pips (0.01%) from the last 4 hour candle. Compared to its peers in the Forex, USD/CAD gave its buyers a return that ranked 9th in terms of percentage change since the last 4 hour candle.

USD/CAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

A moment of silence, please, for the end of USD/CAD’s 4 day down streak; price ended yesterday up 36 pips (0.27%) to finish the day at a rate of 1.33018. Out of the 40 instruments in the Forex asset class, USD/CAD ended up ranking 17th for the day in terms of price change. Below is a price chart of USD/CAD.

USD/CAD

USD/CAD Technical Analysis

Coming into today USD/CAD is now close to its 20, 50 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 141.8 pips away. 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 down 17 out of the past 30 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on USDCAD, with 9 buy signals on our radar and 11 sell signals. This imputes a buy/sell ratio of 0.82, which is neutral. As for the rationale, technical traders seem to be citing the appearance of channel and wedge technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

USDCAD is currently in a descending channel. Nearing the top of its trend line if we see a rejection we could be seeing price falling next week. However if price breaks higher you could look for a Bearish Flag for confirmation of higher moves to the upside.