USD/CAD Up 64 Pips On 4 Hour Chart, Entered Today Up For the 3rd Day In A Row; in an Uptrend Over Past 90 Days

USD/CAD 4 Hour Price Update

Updated March 31, 2020 01:06 PM GMT (09:06 AM EST)

USD/CAD is up 64 pips (0.45%) since the last 4 hour candle (opening the current 4 hour candle near 1.4252), marking the 2nd candle in a row an upward move has occurred. Out of the 40 instruments in the Forex asset class, USD/CAD ended up ranking 7th 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 up 26 pips (0.19%) since the previous day (opening today near 1.4189), marking the 3rd day in a row an upward move has occurred. Relative to other instruments in the Forex asset class, USD/CAD ranked 8th the previous day in terms of percentage price change. Below is a price chart of USD/CAD.

USD/CAD Technical Analysis

Coming into today USD/CAD is now close to its 20 day moving averages, which may act as price barrier for the asset. 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 up over that time. Or to simplify this another way, note that out of the past 30 days USD/CAD’s price has gone up 18 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on USDCAD, with 11 buy signals on our radar and 18 sell signals. This imputes a buy/sell ratio of 0.61, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

For USDCAD to heads down ,that means USOIL has to go up….If this is true, are we seeing a bottom out for USOIL ?…And if this is true, does it means my analysis of Oil is right ?