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.

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
Subscribe
Please try again
EUR/USD
Mixed
Oil - US Crude
Bearish
Wall Street
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
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • Commodities Update: As of 11:00, these are your best and worst performers based on the London trading schedule: Silver: 1.57% Oil - US Crude: 1.01% Gold: 0.38% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/X7kHJDLKkY
  • Forex Update: As of 11:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.46% 🇨🇭CHF: 0.42% 🇦🇺AUD: 0.41% 🇨🇦CAD: 0.29% 🇳🇿NZD: 0.20% 🇯🇵JPY: -0.29% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/NQsgL7dUy5
  • Ever wonder if there are other chart types that can be used for technical analysis? HLOC charts are discussed in the following article as well as their pros and cons. Learn more here: https://t.co/qV3c7a4YR3 https://t.co/Yqu2heS6Wz
  • Indices Update: As of 11:00, these are your best and worst performers based on the London trading schedule: US 500: 0.42% Wall Street: 0.37% Germany 30: 0.19% FTSE 100: 0.14% France 40: -0.09% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/LCfrU0DwEH
  • France 40 IG Client Sentiment: Our data shows traders are now net-long France 40 for the first time since Dec 22, 2020 when France 40 traded near 5,477.70. A contrarian view of crowd sentiment points to France 40 weakness. https://www.dailyfx.com/sentiment https://t.co/58P7y6uEE0
  • Coming up in 20'. Please join me if you're free by clicking the link below https://t.co/629fFCZnuC
  • 💶 ZEW Economic Sentiment Index (JAN) Actual: 58.3 Previous: 54.4 https://www.dailyfx.com/economic-calendar#2021-01-19
  • 🇩🇪 ZEW Current Conditions (JAN) Actual: -66.4 Expected: -68.5 Previous: -66.5 https://www.dailyfx.com/economic-calendar#2021-01-19
  • 🇩🇪 ZEW Economic Sentiment Index (JAN) Actual: 61.8 Expected: 60 Previous: 55.0 https://www.dailyfx.com/economic-calendar#2021-01-19
  • Heads Up:🇩🇪 ZEW Current Conditions (JAN) due at 10:00 GMT (15min) Expected: -68.5 Previous: -66.5 https://www.dailyfx.com/economic-calendar#2021-01-19
Canadian Dollar Technical Outlook: NZD/CAD, EUR/CAD, AUD/CAD

Canadian Dollar Technical Outlook: NZD/CAD, EUR/CAD, AUD/CAD

Thomas Westwater, Contributor

Canadian Dollar, NZD/CAD, EUR/CAD, AUD/CAD

  • NZD/CAD aims to break above trendline resistance on rally extension
  • EUR/CAD may see short-term downside, but outlook beyond looks indecisive
  • AUD/CAD’s recent move above a major Fib level points to further gains
Top Trading Opportunities in 2021
Top Trading Opportunities in 2021
Recommended by Thomas Westwater
Get Your Free Top Trading Opportunities Forecast
Get My Guide

NZD/CAD Technical Outlook:

The Canadian Dollar appears to be at a disadvantage versus the New Zealand Dollar, with NZD/CAD currently testing trendline resistance as the cross progresses towards a third consecutive daily gain. The rally stems from a move higher formed in early December when the 78.6% Fibonacci retracement level from the 2019 high to the 2020 low underpinned a break lower after the longer-term rally failed to breach above its aforementioned resistance.

NZD/CAD’s technical posture appears poised for further gains. The MACD oscillator recently crossed above its signal line, reflecting a shift higher in momentum. The current trendline serves as the first barrier for bulls to defeat before setting sights on the 2019 high at 0.9281. That said, a reversal lower could form before making new highs, with the RSI indicator currently showing negative divergence.

NZD/CAD Daily Chart

NZD/CAD Chart

Chart created with TradingView

EUR/CAD Technical Outlook:

The Canadian Dollar’s path forward appears marginally better versus the Euro, with EUR/CAD trading just below the 23.6% Fib retracement (1.5583) from the February-March move. Trendline support from the February low may stifle any push lower as was the case last month. The most immediate challenge for Euro bulls will be reclaiming the aforesaid Fibonacci level.

EUR/CAD’s current technical stance doesn’t inspire a great deal of confidence in either direction. The momentum for the near-term skews slightly to the downside, with the MACD accelerating lower from its signal line. Moreover, the 9-day exponential moving average is pressuring prices, but the RSI oscillator is planted in a neutral stance, directly below the 50 midpoint. Thus, the next move could go either way.

EUR/CAD Daily Chart

EURCAD Chart

Chart created with TradingView

AUD/CAD Technical Outlook:

The Canadian Dollar’s outlook against the Australian Dollar appears to be the dimmest among the pairs discussed above. AUD/CAD set a new multi-year high as the cross extends a rally from October, with trendline support underpinning the ascent on any pullbacks. The 78.6% Fibonacci retracement from the 2018-2020 move likely will serve as major support on any pullback after the cross broke above the level following multiple intraday attempts in late December.

That said, the 9-day EMA is currently tracking closely below prices would test any bearish move. However, if bears manage a decisive break below both of those levels, the 20-day Simple Moving Average will provide another battle line. Below that, the longer-term trend will look to preserve the bullish trend from October. A pullback may form before the next extensions higher, however, with RSI in overbought territory, and the MACD oscillator signaling a slowdown in momentum.

AUD/CAD Daily Chart

AUDCAD chart

Chart created with TradingView

Top Trading Lessons
Top Trading Lessons
Recommended by Thomas Westwater
Top Trading Lessons
Get My Guide

Canadian Dollar TRADING RESOURCES

--- Written by Thomas Westwater, Analyst for DailyFX.com

To contact Thomas, use the comments section below or @FxWestwateron Twitter

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

DISCLOSURES