USD/CAD Down 13 Pips, in an Uptrend Over Past 30 Days; is Inching Close to 20, 100 and 200 Day Averages

USD/CAD Price Recap

USD/CAD is down 13 pips (0.1%) since yesterday (with its current price near 1.32345), marking the 2nd day in a row a decrease has occurred. This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 40.89% from the day before — and down 53.83% from the same day the week before. Relative to other instruments in the Forex asset class, USD/CAD ranked 26th yesterday in terms of percentage price change. Let’s take a look at price chart of USD/CAD.

USD/CAD Technical Analysis

Notably, USD/CAD is now close to its 20, 50, 100 and 200 day averages, located at 1.3225, 1.3147, 1.3182 and 1.322 respectively, and thus may be at a key juncture along those timeframes. 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. The closest is the 20 day average, which is 9.6 pips away. Volatility for USD/CAD has exploded over the past two weeks relative to the past 30 days, which technical traders will want to note. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 14 days USD/CAD’s price has gone up 9 them. Also, candlestick traders! Note we see doji pattern appearing here as well.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on USDCAD, with 15 buy signals on our radar and 19 sell signals. This imputes a buy/sell ratio of 0.79, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a wedge technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Descending channel w/ breakout+retest on the Daily chart. Don’t mind the 12345 pattern, please. Lmk your thoughts.