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Canadian Dollar Technical Analysis Overview: USDCAD, CADJPY

Canadian Dollar Technical Analysis Overview: USDCAD, CADJPY

Justin McQueen, Strategist

CAD Analysis and Talking Points

  • USDCAD | 200WMA Break Paves way for 2019 Low
  • CADJPY | Faces Critical Test as Bearish Pressure Abates

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

USDCAD | 200WMA Break Paves way for 2019 Low

As the broader outlook for the greenback remains defensive, USDCAD has continued to edge lower. Momentum indicators remain bearish, thus a move towards the 2019 low at 1.3068 is within reach. However, support at 1.3119 appears to be holding for now, which represents the 200WMA, as such, eyes are on for a closing break below. Alongside this, while the daily RSI is in oversold territory, a bounce back in the pair may well be short-lived given the soft tone for the USD.

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

Canadian Dollar Technical Analysis Overview: USDCAD, CADJPY

Chart by IG

USDCAD PRICE CHART: Weekly Time Frame (May 2017 – June 2019)

Canadian Dollar Technical Analysis Overview: USDCAD, CADJPY

Chart by IG

CADJPY | Faces Critical Test as Bearish Pressure Abates

Yesterday’s bounce in the cross has seen dramatic easing in the bearish pressure on the cross, having reclaimed the 82.00 handle, while also break above the descending trendline from the October 2018 peak. In turn, CADJPY faces a key test at 82.43 (38.2% Fib level) before 82.62 (marks the May high and 100DMA). However, while the daily DMI has flipped to positive, both the weekly and monthly DMI’s remain bearish, thus further gains in the cross may be somewhat limited.

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.

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