- 5/26/2023 -
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CurrencyShares Canadian Dollar Trust (FXC)
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|It was the negative week for the CurrencyShares Canadian Dollar Trust (FXC). During the week, the FXC gave back -0.56 points, or -0.77%, and closed at 71.89 on Friday, May 26, 2023. FXC was trading at average weekly trading volume. |
Long-term trend: [See FXC long-term trend chart]
A long-term downtrend had started on November 11, 2022 at 73.77 and reached 70.67 on March 9, 2023. FXC lost 3.10 points, or 4.20%, in 16 weeks. The chart has formed a Broadening Descending Wedge chart pattern. The trend support level is at 69.94 and resistance is at 73.42. A Broadening Descending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Descending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Descending Wedge pattern in a long-term trend.
Medium-term trend: [See FXC medium-term trend chart]
A medium-term uptrend had started on March 9, 2023 at 70.67 and reached 73.37 on May 8, 2023. FXC gained -2.70 points, or -3.82%, in 8 weeks. The chart has formed a Ascending Triangle chart pattern. The uptrend support line (72.13) is broken. Usually a broken support is considered to be a long-term bearish signal, but since daily indicators are oversold a short-term pull back is possible. FXC may retest the broken support line. It is considered to be a resistance line now. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend support in a medium-term trend.
Weekly Technical Indicators: [See FXC weekly technical indicators chart]
Weekly technical indicators are neutral.
The weekly MACD line is above its signal line since March 24, 2023. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current medium-term uptrend is getting weak. Use the following link to access a MACD help.
Short-term trend: [See FXC short-term trend chart]
A short-term downtrend had started on May 16, 2023 at 72.96 and reached 71.75 on May 25, 2023. FXC lost 1.21 points, or 1.66%, in 9 days. The price is now at the 11.57% retracement level.
Daily Technical Indicators: [See FXC daily technical indicators chart]
Daily Williams' Percentage Range and Lane's Stochastic are oversold. Use the Technical Stock Screener to see the list of stocks with daily oversold Williams' Percentage Range and Lane's Stochastic. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following links to access Lane's Stochastic and Williams' Percentage Range help.
The daily MACD line is below its signal line since May 17, 2023. This is an indication that the short-term trend is down.
During the last week, the price has crossed below the 50 Day Moving Average. While the medium-term trend is up and daily technical indicators are oversold, the 50 Day Moving Average is considered a support level. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.