USD/CAD Down 15 Pips Over Past 4 Hours, Moves Down For the 4th Day In A Row; Eyes 200 Day Average

USD/CAD 4 Hour Price Update

Updated June 03, 2020 01:22 AM GMT (09:22 PM EST)

The choppiness in the recent four-hour candle price action of USD/CAD continues; to start the current 4 hour candle, it came in at a price of 1.3511, down 15 pips (0.11%) since the previous 4 hours. Relative to other instruments in the Forex asset class, USD/CAD ranked 29th 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 is down 9 pips (0.06%) since yesterday (opening today near 1.35095), marking the 4th day in a row a decline has happened. Relative to other instruments in the Forex asset class, USD/CAD ranked 30th yesterday in terms of percentage price change. The price chart of USD/CAD below illustrates.

USD/CAD Technical Analysis

Notably, the current price of USD/CAD is sitting close to its 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 10.8 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 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 16 buy signals on our radar and 19 sell signals. This imputes a buy/sell ratio of 0.84, which is neutral. As for the rationale, technical traders seem to be citing the appearance of channel, fibonacci and flag technical patterns. 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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