USD/CAD Up 9 Pips On 4 Hour Chart, 4 Day Up Streak Ended; Nears 20 and 50 Day Moving Averages

USD/CAD 4 Hour Price Update

Updated May 14, 2020 09:09 AM GMT (05:09 AM EST)

USD/CAD is up 9 pips (0.06%) since the last 4 hour candle (opening the current 4 hour candle near 1.4106), 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 9th in terms of percentage change since the last 4 hour candle.

USD/CAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

USD/CAD, which opened today priced near 1.40885, is down 11 pips 0.08% since yesterday, marking a reversal from the day prior — and the end of a 4 day positive run. Compared to its peers in the Forex, USD/CAD gave its buyers a return that ranked 39th in terms of percentage change since yesterday. Below is a price chart of USD/CAD.

USD/CAD Technical Analysis

The first thing we should note is that USD/CAD is now close to its 20 and 50 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 50 day average, which is 9.1 pips away. It should be noted, though, the 50 day simple moving average turned downwards, which may be a bearish sign. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 8 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

We’re seeing some traders come out with interesting conviction on USDCAD, with 10 buy signals on our radar and 21 sell signals. This imputes a buy/sell ratio of 0.48, 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.

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