USD/CAD 4 Hour Price Update
Updated July 21, 2020 09:10 AM GMT (05:10 AM EST)
USD/CAD is down 5 pips (0.04%) since the last 4 hour candle (opening the current 4 hour candle near 1.3507), marking the 3rd candle in a row it has gone down. Relative to other instruments in the Forex asset class, USD/CAD ranked 23rd the last 4 hour candle in terms of percentage price change.
USD/CAD End of Day Recap
Updated 00:30 GMT (04:30 EST)
USD/CAD is down 9 pips (0.07%) since the day prior (opening today near 1.35254), marking the 2nd day in a row a decrease has occurred. Compared to its peers in the Forex, USD/CAD gave its buyers a return that ranked 39th in terms of percentage change since the day prior. Let’s take a look at price chart of USD/CAD.
USD/CAD Technical Analysis
Coming into today USD/CAD is now close to its 20, 50, 100 and 200 day averages, located at 1.3571, 1.3587, 1.3813 and 1.3574 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 45.3 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. For additional context, note that price has gone up 9 out of the past 14 days. 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 11 buy signals on our radar and 13 sell signals. This imputes a buy/sell ratio of 0.85, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
– 618 fib met and bears losing power- 3rd point of contact on support line – need good confirmation of reversal on the pivot point before committing – strong support line All indications must be met before entering trade