USD/CAD Price Recap
USD/CAD is up 47 pips (0.34%) since yesterday (with its current price near 1.37736), marking the 5th day in a row it has gone up. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 18.98% from the day prior, but up 3.93% from the same day the week before. Out of the 40 instruments in the Forex asset class, USD/CAD ended up ranking 9th for the day in terms of day-over-day 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 398.3 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 9 them.
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 22 sell signals. This imputes a buy/sell ratio of 0.27, which is bearish. As for the rationale, technical traders seem to be citing the appearance of double top and relative strength index technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
The price bounced from 1.38000 resistance….It is the target for sell trades….You can use the information from the post to make your own trading plan for the market.