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
Mixed
GBP/USD
Bearish
USD/JPY
Bearish
Gold
Bullish
Oil - US Crude
Bearish
Bitcoin
Bearish
More View more
Real Time News
  • The Australian Dollar and New Zealand Dollar tend to rise with stocks. They have recently fallen despite gains in the #SP500. What does this mean for $AUDUSD and $NZDUSD ahead? #AUD #NZD #RBA #RBNZ - https://www.dailyfx.com/forex/fundamental/article/special_report/2020/01/17/AUDUSD-NZDUSD-Outlook-Looks-Past-Stocks-to-Rate-Cut-Bets.html?CHID=9&QPID=917702 https://t.co/ddf2fV7Kyl
  • A few snippets from today's commentary. Check out the link below for the full story (via @DailyFX). https://t.co/I31tuq764r https://t.co/x0BaiOFA1P
  • Have you joined @DailyFX @facebook group yet? Discuss your #forex strategies and brush up on your skills with us here: https://t.co/jtY1G7g8yx https://t.co/e2YrN3dBrl
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 98.00%, while traders in France 40 are at opposite extremes with 79.59%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/UL7hqSD2Ki
  • US Dollar Forecast: $USD Lacking Impetus Ahead of Consumer Sentiment #Forex traders shift focus away from US-China trade deal headlines - perhaps toward the monthly release of #ConsumerSentiment data for volatility and clues on the Greenback's next move https://www.dailyfx.com/forex/fundamental/us_dollar_index/usd_trading_today/2020/01/16/us-dollar-forecast-usd-lacking-impetus-ahead-of-consumer-sentiment.html
  • Forex Update: As of 05:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.11% 🇦🇺AUD: -0.02% 🇯🇵JPY: -0.03% 🇨🇭CHF: -0.05% 🇬🇧GBP: -0.06% 🇨🇦CAD: -0.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Kxcb9EtIWb
  • Indices Update: As of 05:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.45% France 40: 0.26% Wall Street: 0.07% US 500: 0.00% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/I5YIsKQAog
  • 🇯🇵 JPY Tertiary Industry Index (MoM) (NOV), Actual: 1.3% Expected: 1.0% Previous: -5.2% https://www.dailyfx.com/economic-calendar#2020-01-17
  • The $JPY has weakened as a bounce-back in risk appetite saps haven-asset demand. However, the old uptrend line still provides clear resistance. Get your market update from @DavidCottleFX HERE:https://t.co/IMhgQ9jbF9 https://t.co/I7087olftk
  • Heads Up:🇯🇵 JPY Tertiary Industry Index (MoM) (NOV) due at 04:30 GMT (15min), Actual: N/A Expected: 1.0% Previous: -4.6% https://www.dailyfx.com/economic-calendar#2020-01-17
Canadian Dollar Technical Analysis Overview: USD/CAD, EUR/CAD

Canadian Dollar Technical Analysis Overview: USD/CAD, EUR/CAD

2019-10-09 11:00:00
Justin McQueen, Analyst
Share:

CAD Analysis and Talking Points

  • USD/CAD | Risks Tilted to the Upside as 200DMA Supports Pair
  • EUR/CAD | Cross Based Out, However, 50DMA Curbs Upside

USD/CAD | Risks Tilted to the Upside as 200DMA Supports Pair

Risks are tilted to the upside for USD/CAD having approached the recent range high (1.3347), while dips in the pair have been well supported from the 200DMA situated at 1.3287, which also roughly coincides with the 50% Fibonacci retracement from the May 2019 – July 2019 drop. Alongside this, momentum indicators as shown by DMI studies highlight that the pair has an upside bias, however, this has eased in recent sessions following the slight correction to 1.33. Topside resistance resides at 1.3347 and 1.3382, in which a break above opens the door to the 1.34 handle. On the downside, failure for the 200DMA to hold could leave the pair vulnerable to a drop towards 1.3250.

USD/CAD Price Chart: Daily Time Frame (Mar 2019 – Oct 2019)

Canadian Dollar Technical Analysis Overview: USD/CAD, EUR/CAD

EUR/CAD | Cross Based Out, However, 50DMA Curbs Upside

The cross looks to have based out in the short-term as EUR/CAD makes a firm bounce from 1.4450. That said, gains have been capped by the 50DMA while the bullish momentum signalled by the DMI on the daily time frame has eased. As such, given that the cross remains in a broader downtrend, there is a risk that EUR/CAD revisits the double bottom.

EUR/CAD Price Chart: Daily Time Frame (Oct 2018 –Oct 2019)

Canadian Dollar Technical Analysis Overview: USD/CAD, EUR/CAD

--- 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.