Never miss a story from Justin McQueen

Subscribe to receive daily updates on publications
Please enter valid First Name
Please fill out this field.
Please enter valid Last Name
Please fill out this field.
Please enter valid email
Please fill out this field.
Please select a country

I’d like to receive information from DailyFX and IG about trading opportunities and their products and services via email.

Please fill out this field.

Your Forecast Is Headed to Your Inbox

But don't just read our analysis - put it to the rest. Your forecast comes with a free demo account from our provider, IG, so you can try out trading with zero risk.

Your demo is preloaded with £10,000 virtual funds, which you can use to trade over 10,000 live global markets.

We'll email you login details shortly.

Learn More about Your Demo

You are subscribed to Justin McQueen

You can manage your subscriptions by following the link in the footer of each email you will receive

An error occurred submitting your form.
Please try again later.

CAD Analysis and Talking Points

  • USDCAD | Sideways Fashion, Range Holds
  • CADJPY | Gains Risk being Faded on Short-Term Correction, Bias Remains Bearish

See the DailyFX Q2 FX forecast to learn what will drive the currency throughout the quarter.

USDCAD | Sideways Fashion, Range Holds

Last week saw USDCAD fail to consolidate below the 200DMA, which now sits at 1.3280. Consequently, the pair is now hovering around the middle of the 1.3230-1.3520 range. DMI’s are relatively mixed, while trend signals are muted, thus suggesting that the pair is likely to trade in sideways fashion and hold its well-established range. Near-term support resides at 1.3353, which marks the 100DMA, while on the topside, the 50DMA is situated at 1.3414. Outlook is neutral for now until a decisive break of 1.3250 or 1.3520 is made.

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

Canadian Dollar Technical Analysis Overview: USDCAD, CADJPY

Chart by IG

CADJPY | Gains Risk being Faded on Short-Term Correction, Bias Remains Bearish

Momentum indicators on the short and long-term timeframes continue to point towards a bearish bias. However, this has eased in the shorter time frame, which in turn raises the risk of a near-term correction, particularly with the 81.00 handle holding so far. Consequently, focus is in on for a potential fading of gains around the 82.00 handle (previously rejected on June 11th). On the downside, support is at 80.50 with a break below increasing scope for a test of 80.00.

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