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.

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
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
Oil - US Crude
Bearish
Wall Street
Bearish
Gold
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
Bullish
USD/JPY
Bullish
More View more
Real Time News
  • A macro forex trading guide exploring how to trade the Euro vs the Swedish Krona and Norwegian Krone through the prism of the Core-Perimeter model. Get your market update from @ZabelinDimitri here:https://t.co/n6zwlZJmGO https://t.co/Y79noqMYjd
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.32% Germany 30: 0.22% France 40: 0.10% US 500: -0.48% Wall Street: -0.57% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/QApJ84oHnR
  • Yesterday, USD/CHF declined to a near three- months low. Will today’s US PPI numbers at (13:30UK) boost the US dollar price? #USDCHF, #USeconomy, #USD https://t.co/iMm8NARYxe
  • UK 8-year Gilts on the cusp of turning negative..#gilts #sterling @DailyFXTeam https://t.co/ldXS2eYzJl
  • The continuity seen across these volatility cycles is a good thing. Historical precedence offer a blueprint for identifying conditions supportive for a vol-event to occur, and how they may unfold. Deepen your knowledge of historical volatility here:https://t.co/vg7w10la3j https://t.co/8rwkKVigC4
  • South Africa's Eskom says the possibility that Eskom may be forced to implement loadshedding has increased as the power system is severely constrained $ZAR
  • 🇮🇹 Industrial Production MoM (MAY) Actual: 42.1% Expected: 22.8% Previous: -20.5% https://www.dailyfx.com/economic-calendar#2020-07-10
  • 🇮🇹 Industrial Production YoY (MAY) Actual: -20.3% Expected: -32.5% Previous: -43.4% https://www.dailyfx.com/economic-calendar#2020-07-10
  • 🇮🇹 Industrial Production MoM (MAY) Actual: 42.1 Expected: 22.8% Previous: -19.1% https://www.dailyfx.com/economic-calendar#2020-07-10
  • 🇮🇹 Industrial Production YoY (MAY) Actual: -20.3 Expected: -32.5% Previous: -42.5% https://www.dailyfx.com/economic-calendar#2020-07-10
Canadian Dollar Technical Analysis Overview: USDCAD, CADJPY

Canadian Dollar Technical Analysis Overview: USDCAD, CADJPY

2019-06-06 11:00:00
Justin McQueen, Analyst
Share:

CAD Analysis and Talking Points

  • USDCAD | Key Support Holding for Now
  • CADJPY | Bearish Trend Remains

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

USDCAD | Key Support Holding for Now

Despite last weeks topside breach of the 1.3520 level, failure to consolidate above has seen USDCAD return to its 2-month range with a test now on for a move below 1.34. Consequently, focus on the downside will be the 1.3350-70 zone in which the pare has previously found support. Momentum indicators have tilted to a bearish bias albeit modest so, which in turn could see any downside breaks meet strong support. As such, for a bearish momentum to build eyes will be on for a close below 1.3350, which in turn could open scope for a move towards the 200DMA situated at 1.3270.

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

Canadian Dollar Technical Analysis Overview: USDCAD, CADJPY

Chart by IG

CADJPY | Bearish Trend Remains

As we have continued to highlight, the trend in CADJPY remains bearish with yesterday providing another example that upticks have been short-lived. Momentum indicators in the short- and long-term timeframes continue to tilt to the downside. Consequently, the cross is now testing key support stemming from the 2017 and 2018 lows (80.50-65) having broken back below the 23.6% Fib level (80.82). As such, a closing break below will raise the risk of another test of the 80.00 handle as CADJPY looks to make a return to flash crash lows. On the topside however, resistance sits at 81.00, while the bearish momentum could abate somewhat providing the cross breaks above 82.00.

CADJPY PRICE CHART: Daily Time Frame (Aug 2018 June 2019)

Canadian Dollar Technical Analysis Overview: 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.

DISCLOSURES

News & Analysis at your fingertips.