USD/CAD Down 8 Pips On 4 Hour Chart, Entered Today Down For the 5th Day In A Row; in a Downtrend Over Past 14 Days

USD/CAD 4 Hour Price Update

Updated July 24, 2020 09:10 PM GMT (05:10 PM EST)

After 4 up four-hour candles, USD/CAD snaps its streak, falling 8 pips (-0.06%) over the past four-hour candle to close at an exchange rate of 1.3419. Compared to its peers in the Forex, USD/CAD gave its buyers a return that ranked 28th in terms of percentage change since the previous 4 hours.

USD/CAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

USD/CAD is down 7 pips (0.05%) since the day prior (opening today near 1.34019), marking the 5th day in a row a decrease has occurred. Out of the 40 instruments in the Forex asset class, USD/CAD ended up ranking 33rd for the day in terms of price change. Let’s take a look at price chart of USD/CAD.

USD/CAD

USD/CAD Technical Analysis

Notably, USD/CAD is now close to its 20, 50 and 200 day averages, located at 1.3538, 1.356 and 1.3576 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 136 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 10 days USD/CAD’s price has gone down 6 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

We’re seeing some traders come out with interesting conviction on USDCAD, with 17 buy signals on our radar and 13 sell signals. This imputes a buy/sell ratio of 1.31, which is bullish. As for the rationale, technical traders seem to be citing the appearance of channel and trendline technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

A major support and resistance level has been met. Also a strong trendline. Looking for a good entry to take a long trade. Feel free to comment or like my analysis.A different opinion is also welcome. Thanks in advance.