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.

Free Trading Guides
EUR/USD
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Bullish
USD/JPY
Mixed
Gold
Bullish
Oil - US Crude
Mixed
Bitcoin
Bearish
More View more
Notice

DailyFX PLUS Content Now Available Freely to all DailyFX Users

Real Time News
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.84% Gold: 0.31% Silver: 0.17% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/cCtIGXgMjw
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.67%, while traders in France 40 are at opposite extremes with 85.59%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/L97bbhVulc
  • $EURUSD Daily Pivot Points: S3: 1.0927 S2: 1.0982 S1: 1.1007 R1: 1.1063 R2: 1.1094 R3: 1.1149 https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • With the EU-UK #Brexit negotiations ongoing and no certain path to an amicable resolution, the @bankofengland has warned that it may cut rates soon. Where is $GBUSD heading? Get your market update from @CVecchioFX here: https://t.co/CKPGqolOAR https://t.co/E7dGEiKVYP
  • US Equities Update (Thursday Close): $DJI -0.19% $SPX -0.04% $NDX +0.17% $RTY -0.40% $VIX +0.79%
  • As I listen to music while analyzing, I remind myself that: SRV > Jimi #ControversialViews
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Wall Street: 0.00% US 500: 0.00% Germany 30: -0.15% France 40: -0.16% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/2Z0eNA1wrH
  • What is the biggest obstacle a trader needs to overcome to be successful? Find out from @JWagnerFXTrader here: https://t.co/Etyg8e0H6b #FOMOintrading https://t.co/up9B5DLg37
  • The New York #Fed trading desk will continue repo operations for fourth consecutive day $DXY
  • US House passes vote threshold to pass government funding stopgap bill $DXY
CAD Technical Analysis Overview: USDCAD, EURCAD, CADJPY

CAD Technical Analysis Overview: USDCAD, EURCAD, CADJPY

2019-02-08 12:00:00
Justin McQueen, Analyst
Share:

CAD Analysis and Talking Points

  • USDCAD | Topside Resistance Break Needed for 1.34
  • EURCAD | Topside Resistance Suggest Upside Limited
  • CADJPY | Moving Average Supports, Trend Remains Bearish

See the DailyFX Q1 FX forecast to learn what will drive the currency throughout the quarter.

USDCAD | Topside Resistance Break Needed for 1.34

USDCAD has not looked back having bounced off support from the 200DMA midway through the week. As such, a closing break above 1.3350 would be needed to raise scope for a fresh leg higher towards 1.34. Eyes on 50DMA which could cap upside, as it did late January. Momentum indicators remain bullish, albeit this has eased, following yesterday’s sizeable gains, potential for pullback. Near-term support resides at 1.3280 and 1.3220.

USDCAD PRICE CHART: Daily Time Frame (Apr 2018 – Feb 2019)

CAD Technical Analysis Overview: USDCAD, EURCAD, CADJPY

Chart by IG

EURCAD | Topside Resistance Suggest Upside Limited

While EURCAD hovers around 1.51, much of yesterday’s price action had been somewhat corrective. As such, given the cluster of DMAs ahead (1.51-1.52), further upside could be somewhat limited, which in turn shifts focus towards a potential pullback towards 1.50 and 1.49. However, bearish momentum could be negated somewhat if EURCAD sees a close above 1.5150-60.

EURCAD PRICE CHART: Daily Time Frame (Feb 2018– Feb 2019)

CAD Technical Analysis Overview: USDCAD, EURCAD, CADJPY

Chart by IG

CADJPY | Moving Average Supports, Trend Remains Bearish

The 50DMA elicits support for the cross, however, resistance from the 50% Fibonacci retracement (83.23) could cap price action. Alongside this, the broader trend continues to tilt to the downside amid the series of lower highs, while momentum indicators also suggest a weak outlook. Key support resides at 81.25.

CADJPY PRICE CHART: Daily Time Frame (Aug 2016–Feb 2019)

CAD Technical Analysis Overview: USDCAD, EURCAD, CADJPY

Chart by IG

G10 FX Technical Analysis Overview

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

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

DISCLOSURES

News & Analysis at your fingertips.