USD/CAD Up 2 Pips Over Past 4 Hours, Moves Up For the 2nd Day In A Row; Pin Bar Pattern Appearing on Chart

USD/CAD 4 Hour Price Update

Updated July 02, 2020 01:17 AM GMT (09:17 PM EST)

USD/CAD is up 2 pips (0.01%) since the previous 4 hours (opening the current 4 hour candle near 1.3591), marking the 4th candle in a row it has gone up. Relative to other instruments in the Forex asset class, USD/CAD ranked 11th 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 up 3 pips (0.02%) since the previous day (opening today near 1.35874), marking the 2nd day in a row an increase has occurred. Relative to other instruments in the Forex asset class, USD/CAD ranked 16th the previous day in terms of percentage price change. Here is a price chart of USD/CAD.

USD/CAD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: USD/CAD crossed above its 20 day moving average yesterday. 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 2.8 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 up 10 out of the past 14 days. 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 8 buy signals on our radar and 17 sell signals. This imputes a buy/sell ratio of 0.47, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a triangle technical pattern. Here’s a piece we found on; below is a short snippet from it to give you a taste.

The reversal from the March low (1.3315) may continue to evolve as USD/CAD trades within an ascending channel, with the June high (1.3801) still on the radar.