USD/CAD Up 22 Pips On 4 Hour Chart; Pin Bar Pattern Appearing on Chart

USD/CAD 4 Hour Price Update

Updated May 21, 2020 05:07 PM GMT (01:07 PM EST)

USD/CAD entered the current 4 hour candle at 1.3947, up 22 pips (0.16%) from the last 4 hour candle. Compared to its peers in the Forex, USD/CAD gave its buyers a return that ranked 10th in terms of percentage change since the last 4 hour candle.

USD/CAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

The back and forth price flow continues for USD/CAD, which started today off at 1.39054, up 6 pips 0.04% from yesterday. Relative to other instruments in the Forex asset class, USD/CAD ranked 21st yesterday in terms of percentage price change. Let’s take a look at 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, 50 and 100 day averages, located at 1.4011, 1.4042 and 1.3781 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 105.7 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 16 out of the past 30 days. And for candlestick traders, a special treat: there is a pin bar 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 20 buy signals on our radar and 11 sell signals. This imputes a buy/sell ratio of 1.82, which is bullish. 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 tradingview.com; below is a short snippet from it to give you a taste.

Likes and comments if you want more trading setup. Thank you!Visit our channel!We are seeing price has a strong support.A double bottom was formed, which confirmed the buy, and the price went up, responding positively to the support.