USD/CAD Up 10 Pips Over Past 4 Hours, Social Sentiment Biased Towards Buying; Pin Bar Pattern Appearing on Chart

USD/CAD 4 Hour Price Update

Updated May 21, 2020 12:47 AM GMT (08:47 PM EST)

USD/CAD entered the current 4 hour candle at 1.3908, up 10 pips (0.07%) from the last 4 hour candle. Out of the 37 instruments in the Forex asset class, USD/CAD ended up ranking 6th for the four-hour candle in terms of price change.

USD/CAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

The back and forth price flow continues for USD/CAD, which started today off at 1.39054, up 6 pips 0.04% from the day prior. Relative to other instruments in the Forex asset class, USD/CAD ranked 21st the day prior in terms of percentage price change. Here is a price chart of USD/CAD.

USD/CAD Technical Analysis

Coming into today USD/CAD is now close to its 20, 50 and 100 day averages, located at 1.4011, 1.4042 and 1.3781 respectively, and thus may be at a key juncture along those timeframes. 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 105.7 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 7 out of the past 10 days. 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 20 buy signals on our radar and 5 sell signals. This imputes a buy/sell ratio of 4, which is bullish. As for the rationale, technical traders seem to be citing the appearance of channel and triangle technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

POSSIBLE LONG ENTRYDOUBLE BOTTOMSUPPORT AT 0.61 FIB RETRACEMENT(Just an idea)