(Last Updated July 2, 2020)
Hello! This is the news page for USDCAD. Below you’ll find our daily market updates. Here’s a technical analysis summary of where things currently stand:
On USDCAD, we don’t see a clear trend until the 90 day basis, where we see a clear downtrend.
Nuances in the trend on USDCAD can be understood by observing the behavior of its moving averages. Of the 20, 50, 100, and 200 day averages — three of them (all but the 50) — are bullish, suggesting the trend is generally upward, aside from a drop about 7 weeks prior.
Below is a chart showing USDCAD’s price with its moving averages.
In terms of correlations over the past week for USDCAD, it has been most correlated with AUDJPY. Over the past 14 days, however, USDCNH is the asset most correlated to USDCAD. Alternatively, the asset least correlated with USDCAD over the past week has been EURSEK, but over the past two weeks, the asset least correlated with USDCAD has been USDZAR. The chart below illustrates USDCAD against its least correlated assets.
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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.
Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down.
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.
As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern.
Compared to its peers in the forex, usd/cad gave its buyers a return that ranked 12th in terms of percentage change since the previous day.
Relative to other instruments in the forex asset class, usd/cad ranked 39th the day prior in terms of percentage price change.
Price has also closed above the grey rectangle and is making it a minor support….
As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern.
Volatility for usd/cad has been contracting over the past two weeks relative to volatility over the past month.
The closest is the 20 day average, which is 61 pips away.