USD/CAD Up 24 Pips in Last 4 Hours, 3 Day Up Streak Ended; Eyes 20 and 50 Day Averages

USD/CAD 4 Hour Price Update

Updated May 13, 2020 01:08 AM GMT (09:08 PM EST)

USD/CAD is up 24 pips (0.17%) since the previous 4 hours (opening the current 4 hour candle near 1.4081), marking the 3rd candle in a row an increase has occurred. Out of the 37 instruments in the Forex asset class, USD/CAD ended up ranking 4th for the four-hour candle in terms of price change.

USD/CAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

After 3 up days, USD/CAD snaps its streak, falling 2 pips (-0.01%) over the past day to close at an exchange rate of 1.40754. Compared to its peers in the Forex, USD/CAD gave its buyers a return that ranked 30th in terms of percentage change since the previous day. 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 moving averages, which may act as price barrier for the asset. 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 24 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 10 days USD/CAD’s price has gone up 5 them. 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

Of note is that traders in aggregate have opinions on USDCAD, with 19 buy signals on our radar and 16 sell signals. This imputes a buy/sell ratio of 1.19, which is neutral. 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.

Previous trade made a small profit and my breakeven stop was taken….Still very bullish, price is looking to break out of this bull flag with force imo….Looking for a pullback into one of these levels with some decent price action.