USD/CAD Down 5 Pips Over Past 4 Hours, in a Downtrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart

USD/CAD 4 Hour Price Update

Updated June 04, 2020 01:10 AM GMT (09:10 PM EST)

USD/CAD entered the current 4 hour candle at 1.3493, down 5 pips (0.04%) from the previous 4 hours. Relative to other instruments in the Forex asset class, USD/CAD ranked 26th the previous 4 hours in terms of percentage price change.

USD/CAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

USD/CAD is down 3 pips (0.03%) since the previous day (opening today near 1.34921), marking the 5th day in a row a decrease has occurred. Out of the 40 instruments in the Forex asset class, USD/CAD ended up ranking 33rd for the day in terms of price change. The price chart of USD/CAD below illustrates.

USD/CAD Technical Analysis

The first thing we should note is that USD/CAD is now close to its 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 8 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 14 days USD/CAD’s price has gone down 9 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!