USDCAD

(Last Updated April 15, 2021)

Hello! This is the news page for 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
Canada Manufacturing Sales MoM	Feb 2021	Canadian Dollar	CAD	2021-04-15	12:30 GMT	-1%	-1.6%
United States Philadelphia Fed Manufacturing Index	Apr 2021	US Dollar	USD	2021-04-15	12:30 GMT	42	50.2
United States NY Empire State Manufacturing Index	Apr 2021	US Dollar	USD	2021-04-15	12:30 GMT	19.5	26.3
United States Retail Sales MoM	Mar 2021	US Dollar	USD	2021-04-15	12:30 GMT	5.9%	9.8%
United States Retail Sales Ex Autos MoM	Mar 2021	US Dollar	USD	2021-04-15	12:30 GMT	5%	8.4%

The Trend

If we observe the 90 and 14 day timeframes, we see a downtrend in place for USDCAD.

USDCAD Moving Averages

The moving averages on USDCAD summarize its price action in an interesting way. Of the 20, 50, 100, and 200 day averages — three of them (all but the 20) — are bearish, suggesting the trend is generally downward, save for a jump that occurred about 3 weeks ago.

Below is a chart showing USDCAD’s price with its moving averages.

In terms of correlations over the past week for USDCAD, it has demonstrated the strongest correlation with AUDNZD. USDCAD has been most correlated with AUDNZD over the past 14 days also, so this may be a structural correlation in the market. On the flip side, EURJPY has been the asset least correlated with USDCAD — but if we observe the prior two weeks, the asset least correlated with USDCAD has been CADCHF. The chart below illustrates USDCAD against its least correlated assets.

The View From the Weekly Timeframe

Currently, USDCAD’s rate is down -14 pips (-0.11%) from the week prior. Moreover, note that this is the 3rd consecutive week USDCAD has seen its price head down. As for the trend on the weekly timeframe, we see the clearest trend 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 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 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.