USD/CAD Up 26 Pips in Last 4 Hours, Entered Today Down For the 3rd Day In A Row; Pin Bar Pattern Appearing on Chart

USD/CAD 4 Hour Price Update

Updated July 22, 2020 09:21 AM GMT (05:21 AM EST)

The back and forth price flow continues for USD/CAD, which started the current 4 hour candle off at 1.3469, up 26 pips 0.19% from the last 4 hour candle. Out of the 37 instruments in the Forex asset class, USD/CAD ended up ranking 9th 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 down 10 pips (0.07%) since yesterday (opening today near 1.34481), marking the 3rd day in a row a decrease has occurred. Relative to other instruments in the Forex asset class, USD/CAD ranked 36th yesterday in terms of percentage price change. Let’s take a look at price chart of USD/CAD.

USD/CAD Technical Analysis

Notably, the current price of USD/CAD is sitting close to its 20, 50 and 200 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 108.8 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. For additional context, note that price has gone up 18 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

Of note is that traders in aggregate have opinions on USDCAD, with 10 buy signals on our radar and 16 sell signals. This imputes a buy/sell ratio of 0.62, which is bearish. Here’s a piece we found on dailyfx.com; below is a short snippet from it to give you a taste.

USD/CAD appears to be on track to test the June low (1.3315) as the exchange rate snaps the range bound price action from earlier this month.