USD/CAD Price Recap
The choppiness in the recent daily price action of USD/CAD continues; to start today, it comes in at a price of 1.4015 US dollars, up 210 pips (1.52%) since yesterday. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 14.38% from the day prior, and up 223.7% from the same day the week before. Out of the 40 instruments in the Forex asset class, USD/CAD ended up ranking 8th for the day in terms of day-over-day price change. Here is a price chart of USD/CAD.
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. For additional context, note that price has gone up 8 out of the past 10 days.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on USDCAD, with 10 buy signals on our radar and 23 sell signals. This imputes a buy/sell ratio of 0.43, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a double top technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
1st target expose after the ascending channel breakout and 2nd target expose after wedge pattern breakout. Either scale in or TP on 1st target.