USD/CAD 4 Hour Price Update
Updated July 29, 2020 01:17 AM GMT (09:17 PM EST)
The choppiness in the recent four-hour candle price action of USD/CAD continues; to start the current 4 hour candle, it came in at a price of 1.3378, down 2 pips (0.01%) since the last 4 hour candle. Out of the 37 instruments in the Forex asset class, USD/CAD ended up ranking 23rd for the four-hour candle in terms of price change.
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 1.3379, down 0 pips 0% from yesterday. Compared to its peers in the Forex, USD/CAD gave its buyers a return that ranked 23rd in terms of percentage change since yesterday. Let’s take a look at price chart of USD/CAD.
USD/CAD Technical Analysis
The first thing we should note is that 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 126.2 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. Or to simplify this another way, note that out of the past 14 days USD/CAD’s price has gone up 7 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on USDCAD, with 19 buy signals on our radar and 13 sell signals. This imputes a buy/sell ratio of 1.46, which is bullish. As for the rationale, technical traders seem to be citing the appearance of demand zone and fibonacci technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
SELL in area 50% – 61,8% with Fibonacci