USD/CAD Down 44 Pips Over Past Hour, Moves Up For the 2nd Straight Day; Breaks Above 20 and 50 Day Averages
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.
USDCAD
(Last Updated February 24, 2021)
Welcome to the news page for USDCAD (USDCAD). Below you’ll find our daily market updates. Here’s a technical and fundamental summary of where things currently stand:
Forex Calendar for USDCAD
| metric_name | reference_period | asset_name | asset_id | date | time | forecast | outcome |
|---|---|---|---|---|---|---|---|
| United States New Home Sales MoM | Jan 2021 | US Dollar | USD | 2021-02-24 | 15:00 GMT | 2.1% | |
| United States New Home Sales | Jan 2021 | US Dollar | USD | 2021-02-24 | 15:00 GMT | 0.855M | |
| United States Fed Chair Powell Testimony | NA | US Dollar | USD | 2021-02-24 | 15:00 GMT | ||
| United States Fed Brainard Speech | NA | US Dollar | USD | 2021-02-24 | 15:30 GMT | ||
| United States EIA Refinery Crude Runs Change | 19/Feb 2021 | US Dollar | USD | 2021-02-24 | 15:30 GMT |
The Trend
If we observe the 90 and 14 day timeframes, we see a downtrend in place for USDCAD.
USDCAD Moving Averages
USDCAD’s moving averages suggest the trend on a number of time horizons is bearish.
The chart below illustrates.
In terms of correlations over the past week for USDCAD, it has demonstrated the strongest correlation with NZDUSD. If we zoom out to a two week basis, though, the asset showing the strongest correlation to USDCAD is AUDUSD. Alternatively, USDNOK has been the asset least correlated with USDCAD — but if we observe the prior two weeks, USDJPY has been the asset least correlated with USDCAD. The chart below illustrates USDCAD against its least correlated assets.
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The View From the Weekly Timeframe
Currently, USDCAD’s rate is down -31 pips (-0.25%) from the week prior. USDCAD has seen its price go down 4 out of the past 5 weeks, thus creating some compelling opportunities for bears. As for the trend on the weekly timeframe, we see the clearest trend on the 20 week timeframe. Looking further out, the moving averages on the weekly timeframe suggest a choppiness in price, as the are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders. The weekly chart below shows USDCAD’s price action over the past year.
USDCAD: The Monthly View
Monthly trend: strongest on the 120 month timeframe.
USDCAD Up 6 Pips Over Past Hour, Makes Big Move Relative to Two Week Trend; Moves Up For the 2nd Straight Day
Price action traders may also wish to note that we see a doji candlestick pattern on usdcad.
USDCAD Up 25 Pips On Hourly Chart, 5 Day Down Streak Broken; in a Downtrend Over Past 90 Days
Regarding the trend, note that the strongest trend exists on the 20 hour timeframe.
USDCAD Down 2 Pips in Last Hour, Entered Today Down For the 5th Straight Day; in a Downtrend Over Past 14 Days
The clearest trend exists on the 14 day timeframe, which shows price moving down over that time.
USDCAD Up 2 Pips On Hourly Chart, Moves Down For the 4th Day In A Row; in a Downtrend Over Past 14 Days
This is the 2nd consecutive hour usdcad has seen its price head up.
USDCAD Down 0 Pips On Hourly Chart; Came Into Today Down For the 3rd Consecutive Day
It’s been a feast for bears operating on an hourly timeframe, as usdcad has now gone down 4 of the past 5 hours.
USDCAD Up 2 Pips in Last Hour, Moves Down For the 2nd Day In A Row; in a Downtrend Over Past 90 Days
The clearest trend exists on the 90 day timeframe, which shows price moving down over that time.
USDCAD Up 2 Pips On Hourly Chart, 2 Day Up Streak Ended; Price Base in Formation Over Past 30 Days
This is the 3rd straight hour usdcad has seen its price head up.
USDCAD Down 0 Pips Over Past Hour, Moves Up For the 2nd Consecutive Day; is Inching Close to 20 and 50 Day Averages
Compared to its peers in the forex, usdcad gave its buyers a return that ranked 15th in terms of percentage change since yesterday.
USDCAD Up 3 Pips Over Past Hour, 2 Day Down Streak Broken; Nears 20 and 50 Day Moving Averages
The clearest trend exists on the 14 day timeframe, which shows price moving down over that time.