Does Commodity Channel Index Agree on ES and EURCAD? (5-minute Charts)

Educational reference. Measured from recorded market data through September 11, 2026. Not a forecast.

Commodity Channel Index measures how far price has moved from its own recent average. This page asks a narrower question than the price comparison: when Commodity Channel Index moves on E-mini S&P 500, does it move the same way on Euro / Canadian Dollar?

Bars where Commodity Channel Index moved on both	4,608
… and moved the same direction	2,429 (52.7%)
Price correlation, same period	+0.402

Commodity Channel Index disagrees more than price does. Prices correlate at +0.402, which would suggest agreement near 63%. Commodity Channel Index manages 52.7%. The two markets move together while this reading does not — the gap is where a divergence setup would show up.

Why this is not the same as the price question

Two markets can move together while their momentum, trend strength or volatility do not. A reading that agrees far less than price suggests is exactly where one market is losing steam while the other keeps going — and a reading that agrees more is tracking something shared that direction alone does not capture.

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