Canadian Dollar Forecast: GBP/CAD, CAD/CHF, NZD/CAD, EUR/CAD
Canadian Dollar Price Chart, GBP/CAD, CAD/CHF, NZD/CAD, EUR/CAD – TALKING POINTS
- Canadian Dollar outlook bullish against British Pound, Swiss Franc
- NZD/CAD downtrend could continue until it hits support at 0.83686
- EUR/CAD suffered 12 consecutive day losses, the larges on record
GBP/CAD recently shattered the September 2019 uptrend and opened the door for a short-term bearish correction after it rose almost eight percent over five months. The pair’s decline may encounter some downside friction at 1.6957 but selling pressure may gain momentum if support is cleared. Beyond that, GBP/CAD traders will be eyeing the October swing-low at 1.6730. If it holds, it could limit the pair’s near-term losses.
GBP/CAD – Daily Chart
GBP/CAD chart created using TradingView
After bottoming out at 0.7252, CAD/CHF has confidently climbed on a steep slope of appreciation. However, bold price action may become more timid as the pair approaches a multi-tiered resistance area. The first trial will be to clear the ceiling between 0.7473 and 0.7490. If upside momentum remains robust, the pair may then retest the January-high at 0.7504. If broken with follow-through, it may reinvigorate bullish sentiment.
CAD/CHF – Daily Chart
CAD/CHF chart created using TradingView
NZD/CAD Price Chart
After breaking the October uptrend, NZD/CAD has declined almost three percent and is approaching the November support range between 0.8368 and 0.8350. Selling pressure may abate around these levels and the overwhelming force of buyers could precede a recovery. Conversely, if the floor is dissolved, it may accentuate bearish sentiment and push the pair to retest October-2019 lows.
NZD/CAD – Daily Chart
NZD/CAD chart created using TradingView
Since February 4, EUR/CAD has suffered 12 consecutive days of loss, marking the longest losing streak on record as it trades around three-year lows. The pair appears to be showing signs of bottoming out as sellers back off and buyers are swooping in. EUR/CAD’s recovery may encounter some friction around 1.4372, but if is broken with follow-through it could mark the beginning of a modest recovery.
EUR/CAD – Daily Chart
EUR/CAD chart created using TradingView
CANADIAN DOLLAR TRADING RESOURCES
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--- Written by Dimitri Zabelin, Jr Currency Analyst for DailyFX.com
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.