USD/CAD Down 15 Pips in Last 4 Hours, 2 Day Down Streak Ended; in an Uptrend Over Past 90 Days

USD/CAD 4 Hour Price Update

Updated May 11, 2020 09:09 PM GMT (05:09 PM EST)

A moment of silence, please, for the end of USD/CAD’s 3 four-hour candle up streak; price ended the previous 4 hours down 15 pips (-0.11%) to finish the four-hour candle at a rate of 1.4016. Compared to its peers in the Forex, USD/CAD gave its buyers a return that ranked 32nd in terms of percentage change since the previous 4 hours.

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 1.39305, up 15 pips 0.1% from the day prior. Compared to its peers in the Forex, USD/CAD gave its buyers a return that ranked 7th in terms of percentage change since the day prior. The price chart of USD/CAD below illustrates.

USD/CAD Technical Analysis

Coming into today USD/CAD is now close to its 20, 50 and 100 day averages, located at 1.4045, 1.4089 and 1.3688 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 114.6 pips away. 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 30 day period 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 5 out of the past 10 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 11 buy signals on our radar and 14 sell signals. This imputes a buy/sell ratio of 0.79, 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; below is a short snippet from it to give you a taste.

Hello ! USDCAD is currently in a descending triangle, I am seeing a break below to the next support zone. Feel free to share ideas !