USD/CAD Up 7 Pips On 4 Hour Chart; Doji Pattern Appearing on Chart

USD/CAD 4 Hour Price Update

Updated June 26, 2020 01:09 PM GMT (09:09 AM EST)

USD/CAD is up 7 pips (0.05%) since the previous 4 hours (opening the current 4 hour candle near 1.3654), marking the 2nd candle in a row an upward move has occurred. Relative to other instruments in the Forex asset class, USD/CAD ranked 9th the previous 4 hours in terms of percentage price change.

USD/CAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

USD/CAD entered today at 1.36324, down 5 pips (0.03%) from the day prior. Relative to other instruments in the Forex asset class, USD/CAD ranked 39th the day prior in terms of percentage price change. The price chart of USD/CAD below illustrates.

USD/CAD Technical Analysis

The first thing we should note is that the current price of USD/CAD is sitting close to its 20, 50, 100 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 200 day average, which is 92 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. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. For additional context, note that price has gone up 6 out of the past 10 days. And for candlestick traders, a special treat: there is a doji pattern showing up on the charts as well. Rejoice!

The View From Around the Web

Of note is that traders in aggregate have opinions on USDCAD, with 13 buy signals on our radar and 11 sell signals. This imputes a buy/sell ratio of 1.18, which is neutral. 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.

Just want to see if my analysis with the FIB will play out..I am expecting it to go up… All the way to the 161.8Because she had a beautiful pullback on the 70.5-78.6 level