USD/CAD Price Recap
The back and forth price flow continues for USD/CAD, which starts today off at 1.32851 US dollars, down 31 pips 0.24% from the previous day. This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 17.35% from the day before — and down 38.03% from the same day the week before. Out of the 40 instruments in the Forex asset class, USD/CAD ended up ranking 34th for the day in terms of day-over-day price change. Below is a 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 1.3185, 1.3147, 1.3182 and 1.3224 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 200 day average, which is 60.7 pips away. 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 10 days USD/CAD’s price has gone up 8 them.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on USDCAD, with 8 buy signals on our radar and 32 sell signals. This imputes a buy/sell ratio of 0.25, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a relative strength index technical pattern. Here’s a piece we found on dailyfx.com; below is a short snippet from it to give you a taste.
USD/CAD may face a larger pullback over the coming days the Relative Strength Index appears to be on the cusp of flashing a textbook sell signal.