USD/CAD Down 2 Pips On 4 Hour Chart, Entered Today Up For the 2nd Day In A Row; in a Downtrend Over Past 90 Days

USD/CAD 4 Hour Price Update

Updated July 27, 2020 01:00 AM GMT (09:00 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 1.3419, down 2 pips (0.01%) since the last 4 hour candle. Compared to its peers in the Forex, USD/CAD gave its buyers a return that ranked 21st 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 is up 10 pips (0.08%) since the day prior (opening today near 1.3421), marking the 2nd day in a row it has gone up. Out of the 40 instruments in the Forex asset class, USD/CAD ended up ranking 4th for the day in terms of price change. Let’s take a look at price chart of USD/CAD.

USD/CAD Technical Analysis

Notably, USD/CAD is now close to its 20, 50 and 200 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 20 day average, which is 110.3 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 up 17 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

We’re seeing some traders come out with interesting conviction on USDCAD, with 15 buy signals on our radar and 13 sell signals. This imputes a buy/sell ratio of 1.15, which is neutral. 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.

Seeking upper border of the channel while this the market can a little movement different until found the channel upper border.

 

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