USD/CAD Up 5 Pips On Hourly Chart, 2 Day Down Streak Ended; Nears 20 Day Moving Average
As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern.
USDCAD
(Last Updated September 18, 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:
The Trend
A trend/countertrend situation exists on USDCAD, in which an uptrend exists on shorter timeframes but a downtrend appears on the 90 day timeframe. As such, traders with short positions should be aware of the downtrend in place on the longer timeframes.
USDCAD Moving Averages
USDCAD’s moving averages suggest the trend on a number of time horizons is bearish.
The chart below illustrates.
As for assets in the Forex asset class USDCAD has been correlated to over the past week, it has demonstrated the strongest correlation with USDNOK. If we zoom out to a two week basis, though, the asset showing the strongest correlation to USDCAD is EURNOK. Alternatively, the asset least correlated with USDCAD over the past week has been EURJPY, but if we observe the prior two weeks, AUDCAD has been the asset least correlated with USDCAD. See the chart below to observe the recent price action in USDCAD versus those of assets it hasn’t been well correlated with.
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The View From the Weekly Timeframe
At the time of this writing, USDCAD’s rate is down -0.0008 (-0.06%) from the week prior. USDCAD has seen its price go down 9 out of the past 10 weeks, thus creating some compelling opportunities for bears. Regarding the trend, note that the strongest trend exists on the 20 week timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on USDCAD. Given that we see downtrend on the 20 and 10 weekly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Looking further out, the moving averages on the weekly timeframe suggest a bearishness in price, as the 20 and 50 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend. USDCAD’s weekly price action over the past 52 weeks can be seen via the chart below.
USDCAD Down 4 Pips in Last Hour, 2 Day Down Streak Ended; Nears 20 Day Moving Average
The clearest trend exists on the 90 day timeframe, which shows price moving down over that time.
USDCAD Down 6 Pips Over Past Hour, Moves Down For the 2nd Consecutive Day; is Inching Close to 20 Day Average
Or to simplify this another way, note that out of the past 14 days usdcad’s price has gone up 7 them.
USDCAD Down 3 Pips Over Past Hour, Came Into Today Up For the 2nd Consecutive Day; Eyes 20 Day Average
This imputes a buy/sell ratio of 1.5, which is bullish.
USDCAD Down 0 Pips Over Past Hour, Entered Today Up For the 2nd Day In A Row; in an Uptrend Over Past 14 Days
This is a reversal of the price action on the previous hour, in which price moved up.
USDCAD Down 1 Pips Over Past Hour, Eyes 20 Day Average; Doji Pattern Appearing on Chart
The clearest trend exists on the 90 day timeframe, which shows price moving down over that time.
USDCAD Down 0 Pips Over Past Hour, Nears 20 Day Moving Average; Doji Pattern Appearing on Chart
The closest is the 20 day average, which is 29.4 pips away.
USDCAD Down 0 Pips in Last Hour, 2 Day Up Streak Snapped; Crosses 20 Day Moving Average
Given that we see an uptrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
USDCAD Up 29 Pips Over Past Hour, 2 Day Up Streak Broken; Breaks Below 20 Day Average
As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern.
USDCAD Down 20 Pips in Last Hour, in a Downtrend Over Past 90 Days; Eyes 20 Day Average
As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern.