USDCAD

Out of the 40 instruments in the forex asset class, usd/cad ended up ranking 13th for the day in terms of day-over-day price change.

Related to the moving average crossover is that usd/cad’s momentum/trend on a 30 day basis may be decelerating.

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 fibonacci technical pattern.

The closest is the 20 day average, which is 39.6 pips away.

Also of note is that on a 90 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward.

It should be noted, though, that a trend in the opposite direction, going up, exists on the 30 day timeframe.

The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was up 91.34% from the day prior, but down 25.44% from the same day the week before.

The clearest trend exists on the 30 day timeframe, which shows price moving up over that time.

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.