News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Real Time News
  • German SPD's Scholz claims election victory, adds that a coalition agreement is possible between SPD, Greens and FDP $EUR
  • Oil Watch "SPR could release 33 to 82.5mln barrels of crude oil in series of auctions, but it is unlikely to have a material impact on crude markets given China's 10mbpd import and 14mbpd consumption" - Wood Mackenzie
  • Take a closer look visually at the most influential global importers and exporters here: https://t.co/G58J1cYv9t https://t.co/7Q5Y3RquIj
  • Heads Up:🇯🇵 BoJ Gov Kuroda Speech due at 05:35 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-09-27
  • 🇯🇵 Leading Economic Index Final (JUL) Actual: 104.1 Previous: 104.2 https://www.dailyfx.com/economic-calendar#2021-09-27
  • Crude Oil Prices Hit 2-Month High on Supply Squeeze, 2021 Top Eyed - https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/commodities/2021/09/27/Crude-Oil-Prices-Hit-2-Month-High-on-Supply-Squeeze-2021-Top-Eyed.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Spivak&utm_campaign=twr #OOTT #crudeoil https://t.co/Rx9kbVPlys
  • 🇯🇵 Leading Economic Index Final (JUL) Actual: 104.1 Previous: 104.6 https://www.dailyfx.com/economic-calendar#2021-09-27
  • 🇯🇵 Coincident Index Final (JUL) Actual: 94.4 Previous: 94.6 https://www.dailyfx.com/economic-calendar#2021-09-27
  • Heads Up:🇯🇵 Coincident Index Final (JUL) due at 05:00 GMT (15min) Previous: 94.6 https://www.dailyfx.com/economic-calendar#2021-09-27
  • Heads Up:🇯🇵 Leading Economic Index Final (JUL) due at 05:00 GMT (15min) Previous: 104.6 https://www.dailyfx.com/economic-calendar#2021-09-27
Canadian Dollar Outlook: Key USD/CAD, CAD/JPY Levels to Watch

Canadian Dollar Outlook: Key USD/CAD, CAD/JPY Levels to Watch

Justin McQueen, Strategist

CAD, CAD/JPY Analysis and Talking Points

  • USD/CAD | Rising Oil Prices Underpins CAD Gains
  • CAD/JPY | Bullish Momentum Persists
Canadian Dollar Outlook: Key USD/CAD, CAD/JPY Levels to Watch

USD/CAD | Rising Oil Prices Underpins CAD Gains

Last week had largely been characterised as a sell the rally bias with the 1.2850-70 area capping upside. Alongside this, with the weak Canadian jobs report quickly shrugged off, momentum has once again shifted to the downside. Brent crude futures have continued its impressive run with prices above $61, which is likely to keep the Loonie underpinned and thus makes the currency among the preferred choices for a renewed USD bearish trade. On the downside, support is situated at 1.2620-25 with the YTD low at 1.2586.

Canadian Dollar Technical Levels

Support

Resistance

1.2650

-

1.2750

-

1.2620-25

-

1.2815

Trendline

1.2586

YTD Low

1.2881

YTD High

Canadian Dollar Chart: Daily Time Frame

Canadian Dollar Outlook: Key USD/CAD, CAD/JPY Levels to Watch

Source: Refinitiv

CAD/JPY | Bullish Momentum Persists

Yesterday’s dip in the cross had been quickly faded with dip buyers at 82.00, with additional support stemming from reports that the BoJ may seek to clarify in March policy review that it has room to deepen negative rates. Momentum remains positive for the cross, particularly as equity markets extend to better levels. In turn, 82.00-20 is likely to continuing offering good support for CAD/JPY, while on the topside, resistance is situated at 83.00.

CAD/JPY Chart: Daily Time Frame

Canadian Dollar Outlook: Key USD/CAD, CAD/JPY Levels to Watch

Source: Refinitiv

A Helpful Guide to Support and Resistance Trading

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES