USD/CAD Up 1 Pips On 4 Hour Chart, in an Uptrend Over Past 30 Days; Eyes 20 Day Average

USD/CAD 4 Hour Price Update

Updated March 27, 2020 12:50 AM GMT (08:50 PM EST)

USD/CAD is up 1 pips (0.01%) since the previous 4 hours (opening the current 4 hour candle near 1.4048), marking the 2nd candle in a row an upward move has occurred. Compared to its peers in the Forex, USD/CAD gave its buyers a return that ranked 16th in terms of percentage change since the previous 4 hours.

USD/CAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

A moment of silence, please, for the end of USD/CAD’s 3 day down streak; price ended the day prior up 26 pips (0.18%) to finish the day at a rate of 1.4044. Compared to its peers in the Forex, USD/CAD gave its buyers a return that ranked 12th in terms of percentage change since the day prior. The price chart of USD/CAD below illustrates.

USD/CAD Technical Analysis

Notably, USD/CAD is now close to its 20 day averages, located at 1.4006 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 14 days USD/CAD’s price has gone up 7 them. 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 16 buy signals on our radar and 21 sell signals. This imputes a buy/sell ratio of 0.76, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a fibonacci technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

So USDCAD been in a correction for the past week and I think the correction will likely end here so I expect the bullish trend to resume very soon….We have a classic ABC correction and the market has come into a previous structure resistance which will now act as a support, this zone is also happens to be the 127.0 Fibonacci zone of the (A) mini impulse leg….Which should get a move back up to at least the upward trendline and depending on how the market reacts there, we would either break and continue upside or the market will like come back again and that will make it a 5 wave correction before we eventually resume the bullish trend.