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FX Charts to Watch: USDCAD, CADJPY

FX Charts to Watch: USDCAD, CADJPY

Justin McQueen, Analyst

CAD Analysis and Talking Points

  • USDCAD | Range Remains Intact
  • CADJPY | Trendline Resistance Pivotal

See the DailyFXQ2 FX forecast to learn what will drive the currency throughout the quarter.

USDCAD | Range Remains Intact

Range trading has been the case for USDCAD over the past month with the pair failing to discover much in the way of a firm direction. This range has also narrowed in recent sessions to 1.33-1.34, which has continued to contain price action. As trend signals remain weak, there is little to suggest that the 1.3250-1.3465 range will be broken in the near term. With focus on Canadian CPI, option markets imply a 45pip move.

Support 1: 1.3300

Support 2: 1.3280

Support 3: 1.3250

Resistance 1: 1.3400

Resistance 2: 1.3440

Resistance 3: 1.3465

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

FX Charts to Watch: USDCAD, CADJPY

Chart by IG

CADJPY | Trendline Resistance Pivotal

While momentum indicators have been modestly bullish, trendline resistance has capped further upside and thus remains pivotal as to the direction that CADJPY goes next. Given the improvement in risk appetite and boost in oil prices, short term gains for the cross look to be on the cards with the 200DMA in sight at 84.50. However, a rejection from trendline resistance could see the cross make a move towards support at 83.40, while further support is situated at 83.10.

CADJPY PRICE CHART: Daily Time Frame (Sep 2018Apr 2019)

FX Charts to Watch: USDCAD, CADJPY

Chart by IG

--- Written by Justin McQueen, Market Analyst

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

Follow Justin on Twitter @JMcQueenFX

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

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