USD/CAD Down 72 Pips Over Past 4 Hours, Entered Today Up For the 2nd Day In A Row; in an Uptrend Over Past 90 Days

USD/CAD 4 Hour Price Update

Updated May 18, 2020 05:11 PM GMT (01:11 PM EST)

USD/CAD is down 72 pips (0.51%) since the last 4 hour candle (opening the current 4 hour candle near 1.3968), marking the 5th candle in a row a decline has happened. Relative to other instruments in the Forex asset class, USD/CAD ranked 35th the last 4 hour candle 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 day prior (opening today near 1.41084), marking the 2nd day in a row it has gone up. Relative to other instruments in the Forex asset class, USD/CAD ranked 20th the day prior in terms of percentage price change. Below is a price chart of USD/CAD.

USD/CAD Technical Analysis

The first thing we should note is that USD/CAD is now close to its 20 and 50 day averages, located at 1.4038 and 1.4081 respectively, and thus may be at a key juncture along those timeframes. 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 50 day average, which is 27.9 pips away. It should be noted, though, the 20 day simple moving average turned upwards, which may be a bullish sign. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Price action traders in particular will want to note that the 14 and 30 day periods appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 15 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 7 buy signals on our radar and 17 sell signals. This imputes a buy/sell ratio of 0.41, 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 tradingview.com that we thought you might enjoy.