Skip to Content
News & Analysis at your fingertips.

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. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View More
Canadian Dollar Technical Analysis Overview: USD/CAD Awaits Breakout

Canadian Dollar Technical Analysis Overview: USD/CAD Awaits Breakout

Justin McQueen,
What's on this page

CAD Analysis and Talking Points

  • USD/CAD | Awaits Breakout
  • CAD/JPY | Upside Stalls, However, Dips are to be Well Supported

USD/CAD | Awaits Breakout

Since the reversal stemming from the dovish tilt in the most recent BoC monetary policy meeting, further upside in USD/CAD has been capped by 100DMA, situated at 1.3193. Momentum indicators continue to point towards a slight bullish bias, however, this has eased in recent sessions and thus reflects a lack of buying momentum. Alongside this, the strength of the trend (ADX) has also waned, which implies to us that USD/CAD is in a consolidation phase in the short-term as it awaits a breakout from its 1.3120-1.3200 range. In terms of a catalyst for a potential breakout, this may come in the form of Friday’s labour market report.

USD/CAD Price Chart: Daily Time Frame (May 2019 – Nov 2019)

Source: IG Charts

USD/CAD DMIs and ADX (Jun 2019Nov 2019)

Source: Refinitiv

CAD/JPY | Upside Stalls, However, Dips are to be Well Supported

After three daily session of gains, upside in CAD/JPY is beginning to stall after failing to hold above the 83.00 handle, which in turn raises the risk of a pullback in the cross. However, dips are likely to remain well supported with the 200DMA at 82.13, ahead of last week’s low at 81.89. Alongside this, a cluster of DMAs reside at 81.62 (50DMA) and 81.54 (100DMA) to limit possible downside.

CAD/JPY Price Chart: Daily Time Frame (Aug 2018 Nov 2019)

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at

Follow Justin on Twitter @JMcQueenFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.