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The Weekly Volume Report: USD/CAD Turnover Supports Broader Trend

The Weekly Volume Report: USD/CAD Turnover Supports Broader Trend

Kristian Kerr, Sr. Currency Strategist

Talking Points

  • USD/CAD daily OBV trades at new yearly high
  • USD/JPY advance sharply but on low turnover

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Daily Volume Chart: EUR/USD

The Weekly Volume Report: USD/CAD Turnover Supports Broader Trend

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD rallied to test the 50-day moving average this week before stalling out
  • Below average volume on the decline since May is a concern and unsupportive of a broader decline
  • However, A steady decline in daily OBV to multi-month lows does hint at a possible downside resurgence
  • A close back over 1.1215 on above average volume is needed to turn the outlook positive again on the euro

Daily Volume Chart: USD/JPY

The Weekly Volume Report: USD/CAD Turnover Supports Broader Trend

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY traded at its highest level in almost two months before stalling out
  • The lack of volume on the latest push higher is unsupportive of a broader advance
  • The modest move higher in daily OBV is also a concern
  • A close under 123.00 on above average volume would turn us negative on the pair

Daily Volume Chart: USD/CAD

The Weekly Volume Report: USD/CAD Turnover Supports Broader Trend

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/CAD came under some modest pressure over the past week
  • Generally rising volume June is supportive of the advance
  • New highs in daily OBV is also supportive of the broader uptrend
  • A daily close back under 1.2860 on above average volume is needed to turn the outlook negative on USD/CAD

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--- Written by Kristian Kerr, Senior Currency Strategist for DailyFX.com

To contact Kristian, e-mail instructor@dailyfx.com. Follow me on Twitter @KKerrFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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