USD/CAD Up 76 Pips Over Past 4 Hours, Fares the Worst Out of Forex; Price Base in Formation Over Past 14 and 30 Days

USD/CAD 4 Hour Price Update

Updated May 15, 2020 01:09 PM GMT (09:09 AM EST)

The back and forth price flow continues for USD/CAD, which started the current 4 hour candle off at 1.4101, up 76 pips 0.54% from the last 4 hour candle. Out of the 37 instruments in the Forex asset class, USD/CAD ended up ranking 9th for the four-hour candle in terms of price change.

USD/CAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

USD/CAD is down 16 pips (0.11%) since the day prior (opening today near 1.40332), marking the 2nd day in a row a decrease has occurred. On a relative basis, USD/CAD was the worst performer out of all 40 of the assets in the Forex asset class. Below is a price chart of USD/CAD.

USD/CAD Technical Analysis

Notably, USD/CAD is now close to its 20, 50 and 100 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 20 day average, which is 0.9 pips away. 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. Also of note is that on the 14 and 30 day bases price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone up 8 out of the past 14 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on USDCAD, with 6 buy signals on our radar and 23 sell signals. This imputes a buy/sell ratio of 0.26, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a wedge technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

1.Bearish BAT2.Rising Wedge3. TP 1 = 113 pips @ 1.3972 TP 2 = 150 pips @ 1.3927Please don’t forget to FOLLOW , LIKE and COMMENT …If you like my analysis:)Thank you and Good Luck!