Yahoo Finance Technical Update For USD/CAD, EUR/CAD, CAD/JPY & CAD/CHF: 22.03.2018
USD/CAD
Following its dip below 1.3010–1.3000 horizontal-region, the USDCAD recently broke seven-week long ascending trend-line that in-turn indicates brighter chances for the pair’s further downside to 1.2800 and then to the 1.2765-55 levels; however, oversold RSI is creating a doubt about the quote’s additional south-run, which if ignored by the Bears might not hesitate dragging the pair to the 1.2670 and the 1.2650 supports. Meanwhile, the 1.2900, the 1.2940 and the 1.2960 can offer immediate resistances to the pair during its pullback before highlighting the 1.3000–1.3010 area. Should prices rally beyond 1.3010, the 1.3055, the 1.3090 and the 1.3125 are likely consecutive numbers to appear on the chart.
EUR/CAD
EURCAD is another CAD pair which took the U-turn a while ago and conquered nearby support-line. As a result, the pair is expected to stretch its downturn towards 1.5830-25 ahead of resting on the 1.5755-50 horizontal-zone. If at all the sellers refrain to respect the 1.5750 mark, the 1.5725, the 1.5685 and the 1.5645 could become their favorites. Assuming that the pair reverses from present levels, the 1.5960, the 1.6000 and the 1.6030 could entertain the counter-trend traders before challenging them with 1.6100 round-figure. Moreover, pair’s ability to surpass the 1.6100 could help it aim for 1.6150 and the 61.8% FE level of 1.6215.
CAD/JPY
The CADJPY’s recovery, as portrayed by the immediate upward slanting TL, currently struggles to clear more than a month-old descending trend-line, around 82.20, which if broken could escalate its rise to the 82.70, the 83.00 and the 83.45 resistances. If prices manage to hold the strength after 83.45, the 83.80, the 84.20 and the 84.50 may pop-up in buyers’ radars. On the contrary, aforementioned TL support of 81.75 can confine the pair’s short-term declines, breaking which 81.40 & 81.00 can mark their presence. Though, 80.70, the 80.50 and the 80.20 are important supports that may restrict the pair’s downside below 81.00, failing to which could make it vulnerable to plunge in direction to the 100% FE level of 79.00.
CAD/CHF
Not only overbought RSI but the near-term downward slanting TL, at 0.7380, also signals the CADCHF’s expected pullback to 0.7335 and the 0.7300 supports. Should the quote drops beneath 0.7300, the 0.7280 and the 0.7250 may act as intermediate halts ahead of fetching it to the 0.7220. In case of the pair’s additional south-run below 0.7220, the 61.8% FE level of 0.7175 gains market attention. Alternatively, break of 0.7380 can further fuel the pair to 0.7425-30 and then to the 0.7470 resistances while 0.7490, the 0.7520 and the 0.7540 can please the Bulls afterwards.
Cheers and Safe Trading,
Anil Panchal
This article was originally posted on FX Empire
