USD/CAD Up 4 Pips in Last 4 Hours, 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 01:06 PM GMT (09:06 AM EST)

USD/CAD is up 4 pips (0.03%) since the previous 4 hours (opening the current 4 hour candle near 1.3426), marking the 3rd candle in a row an increase has occurred. Out of the 37 instruments in the Forex asset class, USD/CAD ended up ranking 12th 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 7 pips (0.05%) since the day prior (opening today near 1.34019), marking the 5th day in a row a decrease has occurred. Relative to other instruments in the Forex asset class, USD/CAD ranked 33rd the day prior in terms of percentage price change. Below is a price chart of USD/CAD.

USD/CAD Technical Analysis

Coming into today 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 136 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 6 out of the past 10 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 22 buy signals on our radar and 9 sell signals. This imputes a buy/sell ratio of 2.44, which is bullish. 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.

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.