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Following its bounce from short-term descending trend-channel, the USDCAD broke immediate downward slanting trend-line and is presently struggling to clear the 61.8% FE of its late February – March downside, around 1.2760-65. Should the pair manage to surpass the 1.2765, it can quickly rise to 1.2850, breaking which mentioned channel's resistance, at 1.2900 now, becomes an important resistance for the pair to counter. If the pair successfully trades above 1.2900, the 1.3025-30 and the 1.3160 can offer small barriers for the pair to crack prior to rallying towards April month highs, around 1.3220. On the downside, 1.2690 and the 1.2600 are likely immediate supports for the pair traders to watch, which if broken can drag the prices down to 1.2500 and the 100% FE level of its 1.2480. However, the channel support at 1.2440 might hold its further downside confined. Given the pair's drop below 1.2440, also ignoring the 1.2400 round figure mark, it becomes weaker enough to test 1.2300 support.


Even if the EURCAD successfully emerged out of the 61.8% Fibonacci Retracement of its April 2015 – January 2016 upside, a downward slanting trend-line stretched since January, coupled with 50-day SMA, holds the pair's present up-move restricted around 1.4650-60 area. Considering the RSI bounce from oversold region, together with CAD weakness, chances are higher that a daily closing above 1.4660 can propel the pair's recovery towards 1.4830 and then to 38.2% Fibo level of 1.4930 prior to taking a halt at 100-day SMA level at 1.5000. Given the pair's sustained trading above 1.5000 psychological magnet, it becomes capable enough to challenge the 1.5165-70 resistance-zone. Alternatively, the pair's failure to surpass the 1.4650-60 resistance confluence can trigger its profit-booking to 1.4540 and the 1.4450 nearby support levels. Moreover, pair's additional south-run below 1.4450 can further fetch the prices to 1.4330 and the 61.8% Fibo level of 1.4195.


GBPCAD's reversal from 1.8100 presently struggles to break above 1.8490 – 1.8500 horizontal area, which if broken can fuel the pair's recent upside towards 50-day SMA level of 1.8600. On a further up-move above 1.8600, the 1.8670 might act as intermediate halt for the pair prior to rising towards 61.8% Fibonacci Retracement of its November 2014 - August 2015 upside, near 1.8850. Should the pair fail to close above 1.8500, chances of its quick pullback to 1.8350-40 zone can't be denied, which if broken can further drag the prices down to 1.8240 prior to re-visiting the 1.8150 – 1.8100 multiple support-zone. If the pair extends it southward trajectory below 1.8100, it becomes vulnerable enough to ignore the 1.8000 psychological magnet and rest around 1.7950-45 region.


While RBA's rate cut fetched the AUDCAD to the lowest level since November 2015, the pair failed to close below support-line of a broader descending trend-channel, presently at 0.9500, indicating a bounce towards 0.9575-85 horizontal resistance. Should the pair clears the 0.9585, also surpasses the 0.9600 mark, it can rally to 50% Fibonacci Retracement of its September – December 2015 upside, at 0.9660, before challenging the 200-day SMA level of 0.9700. On the flipside, a daily close below 0.9500 mark might accelerate the pair's southward trajectory towards 0.9440 and then to the 0.9400 mark, breaking which chances of its plunge to 0.9300 can't be denied.

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Source: https://www.mtrading.com/analytics/technical-analysis/technical-update-usdcad-eurcad-gbpcad-and-audcad
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