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USDCAD, EURCAD, CADJPY And NZDCAD: Technical Overview

USDCAD

With another failure to clear the 1.3120-40 horizontal resistance, the USDCAD presently tests a month-old ascending trend-line. Given the pair closes below the 1.2900 mark, it confirms the break of upward slanting triangle and can trigger pair's quick decline towards 1.2820 and the 1.2730 before revisiting the 1.2680 support. Moreover, pair's extended downside below 1.2680 makes it vulnerable enough to crash towards 1.2585 and the May lows around 1.2460. On the upside, 23.6% Fibonacci Retracement of its January – May decline, at 1.2980, acts as immediate resistance for the pair, breaking which 1.3040 can provide intermediate halt to its up-move towards again challenging the 1.3120-40 area. If at all the pair successfully closes beyond 1.3140, the 1.3220 and the 200-day SMA level, also including the 38.2% Fibo level, near 1.3300 can be witnessed on the chart.

EURCAD

EURCAD's break of short-term descending trend-channel was aptly confined by the 50-day SMA; though, the pair is again confronting the mentioned channel resistance-line of 1.4450, breaking which it needs to struggle winning over the 1.4520 SMA level, which if broken can fuel the pair towards 1.4575-80 important resistance-confluence, comprising 100-day SMA and six-month old descending trend-line resistance. Should the pair manage to clear the 1.4580, it becomes capable enough to aim for 1.4730. Alternatively, 1.4320 and an upward slanting trend-line support of 1.4265 might restrict the pair's immediate downside. Given the pair drops below 1.4265, 1.4190 can hold the intermediate bears before they can drag it to channel support of 1.4100 and the December 2015 lows around 1.4020.

CADJPY

Having reversed from 77.00, the CADJPY now confronts with the short-term important resistance mark of 82.00, including 50-day SMA and more than two-month old descending trend-line. Provided the current weakness of JPY, if the pair surpasses 82.00 on a daily closing basis, it can quickly run-up to 83.00 and the 83.75 before targeting 50% Fibonacci Retracement of its November 2015 – June 2016 south-run, at 84.60. However, the pair's inability to win over the 82.00 mark can drag it to 80.85, 79.90 and the 79.30 supports. Should the pair further declines below 79.30, the 78.50 is likely next rest-point for it before it could plunge to 77.00 again.

NZDCAD

Surprise announcement by the RBNZ to declare an unscheduled assessment of the economy next week dragged the NZDCAD from the important 0.9530 horizontal resistance. The pair presently trades at six-week old ascending trend-line support of 0.9300, which if broken can its trigger fresh downside towards 0.9170; though 0.9230 might act as intermediate stand. Additionally, pair's extended south-run below 0.9170 can drag it to 38.2% Fibonacci Retracement of its August – December 2015 upside, near 0.9070, and the 0.9000 psychological magnet. Meanwhile, 0.9430 should be considered as a nearby resistance, breaking which the pair can again confront with 0.9530 and the 0.9575 crucial resistances. If at all the pair manage to surpass 0.9575, the 2014 highs of 0.9650 can become its next landmark.

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Friday, 15 Jul, 2016 / 5:37

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Source : http://www.mtrading.com/analytics/technical-analysis/usdcad-eurcad-cadjpy-and-nzdcad-technical-overview

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