USD/CAD Up 316 Pips; in an Uptrend Over Past 90 Days

USD/CAD Price Recap

USD/CAD is up 316 pips (2.22%) since yesterday (with its current price near 1.45183), marking the 3rd day in a row an increase has occurred. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 7.4% from the day prior, and up 7.45% from the same day the week before. Out of the 40 instruments in the Forex asset class, USD/CAD ended up ranking 10th for the day in terms of day-over-day price change. The price chart of USD/CAD below illustrates.

USD/CAD Technical Analysis

The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 9 out of the past 10 days.

A final note on correlations: over the past week, USD/NOK has been the pair most correlated with USD/CAD — not terribly surprising, given that USD is in both currency pairs. On the flip side, in terms of pairs with the least correlation to USD/CAD, look no further than CHF/JPY if you’re focused on just this past week, or USD/JPY for a look at a broader, two week window.

The View From Around the Web

Of note is that traders in aggregate have opinions on USDCAD, with 6 buy signals on our radar and 15 sell signals. This imputes a buy/sell ratio of 0.4, which is bearish. Here’s a piece we found on dailyfx.com; below is a short snippet from it to give you a taste.

The Canadian Dollar and crude oil prices are approaching their weakest points since 2016 amid the coronavirus outbreak. The US Dollar soared on haven demand and may continue gaining.