USD/CAD Price Recap
USD/CAD is up 188 pips (1.34%) since yesterday (with its current price near 1.42025), marking the 2nd day in a row it has gone up. This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 23.46% from the day before — and down 15.27% from the same day the week before. Relative to other instruments in the Forex asset class, USD/CAD ranked 6th yesterday in terms of percentage price change. The price chart of USD/CAD below illustrates.
USD/CAD Technical Analysis
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 8 buy signals on our radar and 15 sell signals. This imputes a buy/sell ratio of 0.53, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a channel 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 as the exchange rate appears to be deviating with the Relative Strength Index (RSI).