USD/CAD Down 0 Pips in Last 4 Hours, is Inching Close to 20 Day Average; Pin Bar Pattern Appearing on Chart

USD/CAD 4 Hour Price Update

Updated June 22, 2020 01:12 PM GMT (09:12 AM EST)

The choppiness in the recent four-hour candle price action of USD/CAD continues; to start the current 4 hour candle, it came in at a price of 1.3566, down 0 pips (0%) since the last 4 hour candle. Out of the 37 instruments in the Forex asset class, USD/CAD ended up ranking 21st for the four-hour candle in terms of price change.

USD/CAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

USD/CAD is up 3 pips (0.03%) since the day prior (opening today near 1.36075), marking the 4th day in a row an upward move has occurred. Relative to other instruments in the Forex asset class, USD/CAD ranked 14th the day prior in terms of percentage price change. Let’s take a look at price chart of USD/CAD.

USD/CAD Technical Analysis

Coming into today 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 61 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. It should be noted, though, that a trend in the opposite direction, going down, exists on the 30 and 90 day timeframes. Or to simplify this another way, note that out of the past 30 days USD/CAD’s price has gone down 15 them. 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

We’re seeing some traders come out with interesting conviction on USDCAD, with 12 buy signals on our radar and 9 sell signals. This imputes a buy/sell ratio of 1.33, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

usdcad has formed the flag pattern, USDCAD is trying to find support for a big bullish run, wait for support then we would buy at perfect entry. and also do not forget to follow me for more.