USD/CAD 4 Hour Price Update
Updated June 23, 2020 01:07 PM GMT (09:07 AM EST)
USD/CAD is down 7 pips (0.05%) since the previous 4 hours (opening the current 4 hour candle near 1.3503), marking the 2nd candle in a row a decrease has occurred. Out of the 37 instruments in the Forex asset class, USD/CAD ended up ranking 26th 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 17 pips (0.13%) since yesterday (opening today near 1.35036), marking the 2nd day in a row it has gone down. Compared to its peers in the Forex, USD/CAD gave its buyers a return that ranked 37th in terms of percentage change since yesterday. Below is a price chart of USD/CAD.
USD/CAD Technical Analysis
Coming into today the current price of USD/CAD is sitting close to its 20, 50 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 18 pips away. Volatility for USD/CAD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. For additional context, note that price has gone up 7 out of the past 14 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.
The View From Around the Web
Of note is that traders in aggregate have opinions on USDCAD, with 21 buy signals on our radar and 26 sell signals. This imputes a buy/sell ratio of 0.81, which is neutral. As for the rationale, technical traders seem to be citing the appearance of fibonacci and trendline technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
I expect the price to go up to touch the upper trendline before going to the downside further.