USD/CAD Down 1 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 July 30, 2020 01:10 AM GMT (09:10 PM EST)

USD/CAD is down 1 pips (0.01%) since the last 4 hour candle (opening the current 4 hour candle near 1.3342), marking the 2nd candle in a row it has gone down. Compared to its peers in the Forex, USD/CAD gave its buyers a return that ranked 16th in terms of percentage change since the last 4 hour candle.

USD/CAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

The back and forth price flow continues for USD/CAD, which started today off at 1.33387, up 2 pips 0.02% from the previous day. Out of the 40 instruments in the Forex asset class, USD/CAD ended up ranking 19th for the day in terms of price change. Here is a price chart of USD/CAD.

USD/CAD

USD/CAD Technical Analysis

Coming into today USD/CAD is now close to its 20, 50 and 200 day averages, located at 1.349, 1.3529 and 1.358 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 20 day average, which is 151.2 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. For additional context, note that price has gone up 17 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 12 buy signals on our radar and 10 sell signals. This imputes a buy/sell ratio of 1.2, which is neutral. As for the rationale, technical traders seem to be citing the appearance of demand zone, supply zone and wedge technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

#USDCAD (Update) In 1h Chart Falling Wedge Breakout Done With Strong Volume..!!Expecting Bullish Wave towards the Major Resistance 1.34400 So Buy It.. Please like the idea for Support & Subscribe for More ideas like this and share your ideas and charts in Comments Section..!!Thanks for Your Love & Support..!!