USD/CAD Up 5 Pips Over Past 4 Hours, Entered Today Up For the 3rd Day In A Row; in an Uptrend Over Past 90 Days

USD/CAD 4 Hour Price Update

Updated May 12, 2020 12:52 AM GMT (08:52 PM EST)

USD/CAD entered the current 4 hour candle at 1.4021, up 5 pips (0.04%) from the last 4 hour candle. Relative to other instruments in the Forex asset class, USD/CAD ranked 9th the last 4 hour candle in terms of percentage price change.

USD/CAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

USD/CAD is up 17 pips (0.12%) since the day prior (opening today near 1.40232), marking the 3rd day in a row it has gone up. Relative to other instruments in the Forex asset class, USD/CAD ranked 7th the day prior 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, 50 and 100 day averages, located at 1.4046, 1.4097 and 1.3708 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 23.2 pips away. 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. Price action traders in particular will want to note that the 14 and 30 day periods appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 14 days USD/CAD’s price has gone up 7 them. 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 12 buy signals on our radar and 19 sell signals. This imputes a buy/sell ratio of 0.63, which is bearish. As for the rationale, technical traders seem to be citing the appearance of channel, fibonacci and triangle technical patterns. Here’s a piece we found on; below is a short snippet from it to give you a taste.

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