USD/CAD Down 23 Pips On 4 Hour Chart, Entered Today Down For the 4th Day In A Row; Pin Bar Pattern Appearing on Chart

USD/CAD 4 Hour Price Update

Updated July 23, 2020 09:26 AM GMT (05:26 AM EST)

USD/CAD is down 23 pips (0.17%) since the last 4 hour candle (opening the current 4 hour candle near 1.3381), marking the 2nd candle in a row a decrease has occurred. Compared to its peers in the Forex, USD/CAD gave its buyers a return that ranked 28th in terms of percentage change since the last 4 hour candle.

USD/CAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

USD/CAD is down 1 pips (0.01%) since the day prior (opening today near 1.34144), marking the 4th day in a row a decline has happened. Compared to its peers in the Forex, USD/CAD gave its buyers a return that ranked 33rd in terms of percentage change since the day prior. Here 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, 50 and 200 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 132.9 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 30 days USD/CAD’s price has gone up 17 them. 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 17 buy signals on our radar and 17 sell signals. This imputes a buy/sell ratio of 1, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

USDCAD – Intraday – We look to Sell at 1.3520 (stop at 1.3555) 3 negative daily performances in succession….Bespoke resistance is located at 1.3250….Preferred trade is to sell into rallies.