USD/CAD Down 42 Pips in Last 4 Hours, in an Uptrend Over Past 90 Days; Pin Bar Pattern Appearing on Chart

USD/CAD 4 Hour Price Update

Updated May 19, 2020 05:14 PM GMT (01:14 PM EST)

USD/CAD is down 42 pips (0.3%) since the previous 4 hours (opening the current 4 hour candle near 1.3881), marking the 3rd candle in a row a decline has happened. Out of the 37 instruments in the Forex asset class, USD/CAD ended up ranking 33rd for the four-hour candle in terms of price change.

USD/CAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

The choppiness in the recent daily price action of USD/CAD continues; to start today, it came in at a price of 1.39414, up 6 pips (0.05%) since the previous day. Compared to its peers in the Forex, USD/CAD gave its buyers a return that ranked 16th in terms of percentage change since the previous day. The price chart of USD/CAD below illustrates.

USD/CAD Technical Analysis

Coming into today the current price of USD/CAD is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 80.9 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 16 out of the past 30 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

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 8 sell signals. This imputes a buy/sell ratio of 2.12, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a triangle technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Market Commentary: First have an look for the positional trend i shared here previous….if you are a follower of me…and sometimes i will share the counter trend trade also in 15 mins and 1hr…but that is risky ones…so if the trend is bearish or bullish, if i am expecting the correction…book the profit there and wait the correction to end and again go with the trend….DONT TRADE THE COUNTER TRADE SETUP…you will took loss too…try to identify the sort term pull back and the long term pull back after that took small lots in the short term PB with strict stop and go with big lots in the trend side that is long term….I WONT TOOK ALL THE TRADE PLAN SHARED HERE……I wont give a entry, stop loss and take profit in my chart…it is only for EDUCATIONAL PURPOSE and i am sharing how i am analysing the pair and labelling them according to the Elliott wave theory…I AM JUST SHOWING THE TREND HOW IT MAY GO AND MY VIEW(it may wrong too)..so DON’T FOLLOW BLINDLY MY CHART..take this as a reference and if it correlate to you strategy took the trade as per your strategy…DON’T ASK ABOUT YOUR RUNNING TRADES i wont comment on them and I WONT SUGGEST TO TAKE MY TRADE SETUP.