"USD/CAD's run higher has coincided with an eventual break of a long-term channel support on Oil."
— John Kicklighter, Daily FX
Pair's Outlook
As the USD/CAD currency exchange rate has reached the upper trend line of a long term ascending channel pattern, not only does the daily technical analysis is done, but a complete review. The complete review is available to see in the Trade Pattern Ideas section. However, to put it concise, a reversal of the rate seems to be about to occur. Although, a breaking of a pattern is also possible. Meanwhile, it is clear that the FOMC rate decision at 18:00 GMT will be the fundamental catalyst for the answer of the future week direction of the US Dollar against the Canadian Dollar.
Traders' Sentiment
The pair can be considered oversold already, as 73% of open SWFX positions are short. However, 82% of trader set up orders are to sell the Buck, favoring the US Dollar.
| Sentiment | Today | Yesterday | 5 days ago | |
| Positions | -46% | -40% | -40% | |
| Orders | -64% | -28% | -56% | |
| Indicator | 1D | 1W | 1MN | |
| MACD (12; 26; 9) | Buy | Buy | Buy | |
| RSI (14) | Sell | Neutral | Neutral | |
| Stochastic (5; 3; 3) | Sell | Buy | Buy | |
| ADX (14) | Buy | Neutral | Neutral | |
| CCI (14) | Sell | Sell | Neutral | |
| AROON (14) | Buy | Buy | Buy | |
| Alligator (13; 8; 5) | Buy | Buy | Buy | |
| SAR (0.02; 0.2) | Buy | Buy | Buy | |
| Aggregate | ↗ | ↗ | ↑ | |