As for the rationale, technical traders seem to be citing the appearance of supply zone and wedge technical patterns.
Compared to its peers in the forex, usdcad gave its buyers a return that ranked 11th in terms of percentage change since the day prior.
This imputes a buy/sell ratio of 2.43, which is bullish.
As for the rationale, technical traders seem to be citing the appearance of a flag technical pattern.
This imputes a buy/sell ratio of 1.27, which is bullish.
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.
Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing.
This move is a reversal from the hour prior, which saw price move up.
It’s been a feast for bulls operating on an hourly timeframe, as usdcad has now gone up 4 of the past 5 hours.
Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.