USD/CAD Heads Up For the 6th Day In A Row; in an Uptrend Over Past 14 Days

USD/CAD Price Recap

USD/CAD is up 151 pips (1.09%) since yesterday (with its current price near 1.39242), marking the 6th day in a row an upward move has occurred. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 36.32% from the day prior, and up 34.59% from the same day the week before. Relative to other instruments in the Forex asset class, USD/CAD ranked 12th yesterday in terms of percentage price change. Below is a price chart of USD/CAD.

USD/CAD Technical Analysis

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 516.1 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 14 days USD/CAD’s price has gone up 10 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on USDCAD, with 12 buy signals on our radar and 14 sell signals. This imputes a buy/sell ratio of 0.86, which is neutral. 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.

This price channel has held for a while now. Could see a nice pullback.