USD/CAD Down 9 Pips Over Past Hour, 2 Day Up Streak Ended; Doji Pattern Appearing on Chart
As for the rationale, technical traders seem to be citing the appearance of supply zone and wedge technical patterns.
USDCAD
(Last Updated November 27, 2020)
Welcome to the news page for USDCAD (USDCAD). Below you’ll find our daily market updates. Here’s a technical analysis summary of where things currently stand:
The Trend
On USDCAD, there is currently a downtrend on the 90 and 30 day timeframes.
USDCAD Moving Averages
USDCAD’s moving averages suggest the trend on a number of time horizons is bearish.
Below is a chart showing USDCAD’s price with its moving averages.
As for assets in the Forex asset class USDCAD has been correlated to over the past week, it has been most correlated with EURSEK. If we zoom out to a two week basis, though, EURNOK is the asset most correlated to USDCAD. On the flip side, the asset least correlated with USDCAD over the past week has been GBPCAD, but if we observe the prior two weeks, the asset least correlated with USDCAD has been NZDCAD. The chart below illustrates USDCAD against its least correlated assets.
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The View From the Weekly Timeframe
At the time of this writing, USDCAD’s rate is down -0.0078 (-0.59%) from the week prior. Moreover, note that the weekly chart shows that USDCAD has seen 2 straight down weeks. If you’re a trend trader, consider that the strongest clear trend on the weekly chart exists on the 20 week timeframe. Looking further out, the moving averages on the weekly timeframe suggest a bullishness in price, as the 20 and 50 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend. The weekly chart below shows USDCAD’s price action over the past year.
USDCAD: The Monthly View
Clearest trend on the monthly is apparent at the 120 month timeframe.
USD/CAD Up 4 Pips Over Past Hour; Entered Today Up For the 2nd Straight Day
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.
USD/CAD Up 1 Pips in Last Hour; 2 Day Down Streak Snapped
This imputes a buy/sell ratio of 2.43, which is bullish.
USD/CAD Down 1 Pips Over Past Hour; Moves Down For the 2nd Consecutive Day
As for the rationale, technical traders seem to be citing the appearance of a flag technical pattern.
USD/CAD Down 10 Pips in Last Hour, Nears 20 Day Moving Average; Doji and Pin Bar Patterns Appearing on Chart
This imputes a buy/sell ratio of 1.27, which is bullish.
USDCAD Down 12 Pips in Last Hour, 2 Day Down Streak Ended; is Inching Close to 20 Day Average
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 Down 11 Pips Over Past Hour, Price Base in Formation Over Past 14 Days; Nears 20 Day Moving Average
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.
USDCAD Down 6 Pips in Last Hour, Moves Down For the 2nd Consecutive Day; Pin Bar Pattern Appearing on Chart
This move is a reversal from the hour prior, which saw price move up.
USDCAD Up 9 Pips in Last Hour; is Inching Close to 20 Day Average
It’s been a feast for bulls operating on an hourly timeframe, as usdcad has now gone up 4 of the past 5 hours.
USDCAD Up 9 Pips Over Past Hour, 2 Day Down Streak Snapped; Nears 20 Day Moving Average
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.