USD/CAD Charts Uptrend on Weekly Timeframe
The below is the weekly chart of the USDCAD. The currency pair has charted a series of higher troughs followed by higher peaks. This is the classical definition of an uptrend. Moreover, the RSI(9) is above 50, which is indicative of an underlying bullish momentum (blue rectangle). The loonie is declining off the back of a weaker oil price and a contracting manufacturing sector. The Ivey PMI, which covers all sections of Canada’s economy, is due out tomorrow at 2:00pm GMT.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.