Notwithstanding the USDCAD’s latest pullback, the pair has multiple supports on the downside that together indicate buyers’ strong favor for the Loonie. If we talk about the south, the pair has 1.2805-1.2800 as immediate support, breaking which an upward slanting TL, at 1.2760, and the 1.2730-25 could try disappointment Bears. In case the pair drops beneath the 1.2725, chances of witnessing 1.2670 and the 1.2620 as quotes can’t be denied. Looking at the upside, the descending trend-line, at 1.2910, can offer nearby resistance to the pair, breaking which 1.2940 and the 1.3000 may mark their presence on the chart. Should prices continue trading above the 1.3000 round-figure, the 1.3045 and the 1.3075 can please the Bulls.
With the CADJPY’s gradual rise above 100-day SMA, the pair is likely to confront 86.00 round-figure for one more time, which if conquered could escalate its recovery to 86.55 and then to the 200-day SMA level of 87.10. However, pair’s additional increase past 87.10 can be confined by the resistance-line of ascending trend-channel, at 87.85, surpassing which 88.20 & 88.50 may become optimists’ favorites. Alternatively, a daily close below 100-day SMA level of 85.45 can have 85.25 as adjacent support, breaking which 84.90 and the 84.40, including channel-support, seem important to watch. Given the pair’s dip below 84.40, the 83.50 and the 82.80 may grab the highlights.
AUDCAD’s bounce off the 0.9605 – 0.9600 support-zone again struggles to clear the month-old descending TL, at 0.9640 now, which in-turn signals the pair’s U-turn towards horizontal-support re-test. If the pair drops beneath the 0.9600 mark, the 0.9575 and the 0.9550 can entertain the sellers whereas 61.8% FE level of 0.9510 may appear live in their radars afterwards. Meanwhile, successful break of 0.9640 could quickly fuel the pair to 0.9660 and then to the 0.9700 resistances but the 0.9710 & the 0.9735 might require traders’ attention if holding hold beyond 0.9700. Assuming the pair’s sustained trading above 0.9735, the 0.9745, the 0.9770 and the 0.9800 seem crucial to observe.
Having failed to clear eight-month long descending trend-line, the CADCHF is likely reversing from immediate ascending TL, at 0.7760, that favors the pair’s recovery to 0.7810 and to the 0.7830 ahead of confronting the resistance-line, near 0.7865, again. Should the pair surpasses the 0.7865 on a daily closing basis, the 0.7910, the 0.7930 and the 0.7960 can act as consecutive resistances. On the downside, a D1 close below the 0.7760 can print 0.7730 & 0.7700 as quotes, breaking which 200-day SMA level of 0.7655 may come forward as strong support. Given the pair’s refrain to respect the 0.7655 mark, the 0.7615-05 support-area could limit its following declines, breaking which 0.7565 might be welcomed.
Cheers and Safe Trading,
This article was originally posted on FX Empire
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