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

DailyFX PLUS Content Now Available Freely to all DailyFX Users

Real Time News
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: US 500: -0.03% Wall Street: -0.04% Germany 30: -0.06% France 40: -0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/vqDHe5UIBO
  • Greed has proven to be a hindrance more than assistance for traders. How does greed lead to #FOMOintrading? Find out from @RichardSnowFX here: https://t.co/aT8TZjlFqP https://t.co/xIBfALzMg3
  • What is the Regional Comprehensive Economic Partnership (RCEP) and why does it matter to Asian markets? https://www.dailyfx.com/forex/market_alert/2019/09/17/Asia-FX-Markets-Eye-RCEP-Trade-Talks-as-Regional-Growth-Sputters.html?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr https://t.co/7o1dCvz3d6
  • The Singapore Dollar is driven by the Monetary Authority of Singapore, which manages exchange rate instead of short-term interest rates. Learn more on the $SGD and how to trade it from @ddubrovskyFX here: https://t.co/eWLM9XZs5Y https://t.co/FzPUyH8bq6
  • Japanese Foreign Minister Motegi has said he wants the US to put in writing that it will refrain from imposing auto tariffs against Japan - Reuters (JIJI) #JPY
  • #DidYouKnow traders generally prefer using candlestick charts for day-trading because they offer an enjoyable visual perception of price. Find out how you can utilize it in your trading strategy here: https://t.co/yFn12QgmxO https://t.co/f4f915g643
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Silver: 0.30% Gold: 0.14% Oil - US Crude: -1.43% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/vfGcTFIcZ1
  • [correction] Japan's Motegi has confirmed that there are no new auto tariffs in the finalized trade agreement between the US and Japan -BBG #JPY #USD
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.08% 🇪🇺EUR: 0.05% 🇯🇵JPY: 0.01% 🇬🇧GBP: -0.12% 🇳🇿NZD: -0.18% 🇦🇺AUD: -0.32% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/yHeuZ7q7JZ
  • LIVE NOW: Join DailyFX Currency Strategist @IlyaSpivak LIVE as he discusses the technical and fundamental AUD/USD outlook for the week ahead. https://www.dailyfx.com/webinars/378612179?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
Canadian Dollar Technical Analysis Overview: USDCAD, CADJPY, AUDCAD

Canadian Dollar Technical Analysis Overview: USDCAD, CADJPY, AUDCAD

2019-05-15 11:00:00
Justin McQueen, Analyst
Share:

CAD Analysis and Talking Points

  • USDCAD | Uptrend Intact, 1.3520 Break Needed to Extend Gains
  • CADJPY | Bearish Pressure Persists, Key Support in Focus
  • AUDCAD | Bearish Trend to Strengthen on Break Through March Lows

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

USDCAD | Uptrend Intact, 1.3520 Break Needed to Extend Gains

Despite two consecutive bearish weekly closes, the uptrend for USDCAD remains intact. Last Friday’s drop in the pair had been stalled by support noted last week at 1.3370-80 (full story). USDCAD has since bounced back with the pair edging towards 1.35 yet again. Key resistance however, is situated at 1.3520 whereby a convincing break above would be needed to see the pair at 1.36. Until then, gains could be faded given prior failures to consolidate above 1.35. Alongside this, while DMIs on the daily timeframe tilt towards a bearish bias, a close below 1.3370 would be needed to signal a potential bearish breakout. Option markets show that the 1-day Implied move for the USDCAD = 50pips.

USDCAD PRICE CHART: Daily Time Frame (Dec 2018 – May 2019)

Canadian Dollar Technical Analysis Overview: USDCAD, CADJPY, AUDCAD

Chart by IG

CADJPY | Bearish Pressure Persists, Key Support in Focus

At the back end of last week, the cross saw a mild reprieve, however, with the outlook continuing to remain fragile for CADJPY, the modest gains had been quickly retraced. In turn, CADJPY made a breach below last week’s low (81.09). Given that DMIs on the short and longer time frames continue to tilt to the downside, eyes are on for a test of key support at 80.83 (23.6% Fib retracement), in which a break opens up room for a move towards 80.50.

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

Canadian Dollar Technical Analysis Overview: USDCAD, CADJPY, AUDCAD

Chart by IG

AUDCAD | Bearish Trend to Strengthen on Break Through March Lows

The outlook for AUDCAD has become increasingly bearish in light of the recent escalation in trade war tensions between China and the US. Consequently, the cross is now testing the march low (0.9315), in which a closing break below, increases the risk of a move towards 0.9200. However, with the RSI in oversold territory, there is a risk of a mild reprieve, although gains are likely to be limited below 0.9500-10, while resistance in the short term resides at 0.9373 (23.6% Fibonacci retracement).

AUDCAD PRICE CHART: Daily Time Frame (Mar 2018 May 2019)

Canadian Dollar Technical Analysis Overview: USDCAD, CADJPY, AUDCAD

Chart by IG

--- 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.