USD/CAD Up 54 Pips; is Inching Close to 20 Day Average
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.
USDCAD
(Last Updated January 18, 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 |
|---|---|---|---|---|---|---|---|
| Canada Housing Starts | Dec 2020 | Canadian Dollar | CAD | 2021-01-18 | 13:15 GMT | 227K | |
| Canada Foreign Securities Purchases | Nov 2020 | Canadian Dollar | CAD | 2021-01-18 | 13:30 GMT | ||
| Canada Foreign Securities Purchases by Canadians | Nov 2020 | Canadian Dollar | CAD | 2021-01-18 | 13:30 GMT | ||
| United States Foreign Bond Investment | Nov 2020 | US Dollar | USD | 2021-01-19 | 21:00 GMT | ||
| United States Net Long-Term Tic Flows | Nov 2020 | US Dollar | USD | 2021-01-19 | 21:00 GMT |
The Trend
If we observe the 90, 30 and 14 day timeframes, we see a downtrend in place for USDCAD.
USDCAD Moving Averages
Across several time periods between 20 and 200 days, the trend on USDCAD has remained consistently bearish.
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 CADJPY. Over the past 14 days, however, the asset showing the strongest correlation to USDCAD is AUDUSD. On the flip side, EURSEK has been the asset least correlated with USDCAD — but if we observe the prior two weeks, EURJPY has been the asset least correlated with USDCAD. See the chart below to observe the recent price action in USDCAD versus those of assets it hasn’t been well correlated with.
.
The View From the Weekly Timeframe
Currently, USDCAD’s rate is up 51 pips (0.41%) from the week prior. Moreover, note that this move is a reversal from the week prior, which saw price move down. Regarding the trend, note that the strongest trend exists 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. USDCAD’s weekly price action over the past 52 weeks can be seen via the chart below.
USDCAD: The Monthly View
Strongest trend on the 120 month timeframe.
USD/CAD Down 15 Pips, Price Base in Formation Over Past 14 Days; Eyes 20 and 200 Day Averages
As for the rationale, technical traders seem to be citing the appearance of a fibonacci technical pattern.
USD/CAD Up 73 Pips; Crosses 20 Day Moving Average
The closest is the 20 day average, which is 39.6 pips away.
USD/CAD Up 38 Pips, Crosses 20 and 200 Day Moving Averages; Price Base in Formation Over Past 90 Days
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.
USD/CAD Breaks Below 20 and 200 Day Averages, in a Downtrend Over Past 14 Days; Price Base in Formation Over Past 90 Days
It should be noted, though, that a trend in the opposite direction, going up, exists on the 30 day timeframe.
USD/CAD 2 Day Down Streak Ended, in an Uptrend Over Past 30 Days; Eyes 20 and 200 Day Averages
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.
USD/CAD Down 13 Pips, in an Uptrend Over Past 30 Days; is Inching Close to 20, 100 and 200 Day Averages
The clearest trend exists on the 30 day timeframe, which shows price moving up over that time.
USD/CAD Down 19 Pips, in an Uptrend Over Past 30 Days; Price Base in Formation Over Past 14 Days
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.
USD/CAD Up 18 Pips, in an Uptrend Over Past 30 Days; is Inching Close to 20 and 200 Day Averages
The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was up 24.43% from the day prior, but down 4.53% from the same day the week before.
USD/CAD 2 Day Up Streak Ended, in an Uptrend Over Past 30 Days; Eyes 20 and 200 Day Averages
This imputes a buy/sell ratio of 0.26, which is bearish.