USD/CAD Down 61 Pips in Last 4 Hours, Moves Down For the 2nd Day In A Row; in an Uptrend Over Past 14 Days

USD/CAD 4 Hour Price Update

Updated March 24, 2020 03:22 AM GMT (11:22 PM EST)

USD/CAD, which opened the current 4 hour candle priced near 1.448, is down 61 pips 0.42% since the previous 4 hours, marking a reversal from the candle prior — and the end of a 4 four-hour candle positive run. Relative to other instruments in the Forex asset class, USD/CAD ranked 29th the previous 4 hours in terms of percentage price change.

USD/CAD Daily New York Session Recap

Updated 21:00 GMT (17:00 EST)

USD/CAD is down 177 pips (1.22%) since the prior day’s New York session (opening today’s post-New York session near 1.43351), marking the 2nd day in a row it has gone down. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 2.28% from the day prior, but up 73.56% from the same day the week before. Compared to its peers in the Forex, USD/CAD gave its buyers a return that ranked 38th in terms of percentage change since the prior day’s New York session. Here is a price chart of USD/CAD.

USD/CAD Technical Analysis

Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 14 days USD/CAD’s price has gone up 10 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on USDCAD, with 3 buy signals on our radar and 22 sell signals. This imputes a buy/sell ratio of 0.14, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of channel and double top technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

bear flag formed on the 1hr USDCAD right shoulder, I have a retest to the previous 1hr support level