Technical Analysis

CAD Technical Evaluation Overview: USDCAD, EURCAD, CADJPY

CAD Evaluation and Speaking Factors

USDCAD | Key Fibo Assist in Focus

EURCAD | Momentum and Pattern Alerts Weak, Descending Channel Holds

CADJPY | Topside Resistance Might Restrict Upside

See the DailyFX Q1 FX forecast to be taught what’s going to drive the foreign money by means ofout the quarter.

USDCAD | Key Fibo Assist in Focus

USDCAD has continued to edge decrease amid the dip under the 200DMA (1.3159) and now eyes key help at 1.3130 (61.eight% Fibo from 2017 excessive to low) and 1.3120 (61.eight% Fibo from Oct 2018 rise to 2019 peak). Earlier makes an attempt to interrupt under have failed, as such, focus is on for a closing break under, which might prolong a transfer in the direction of 1.3070 earlier than the 1.3000 deal with. Nevertheless, momentum indicators (DMI’s) are considerably combined, whereas ADX development indicators are additionally muted, which in flip might even see USDCAD stay inside its 2-month vary. Topside resistance seen at 1.3225 and 1.3330.

USDCAD PRICE CHART: Day by day Time Body (Aug 2018 – Feb 2019)

CAD Technical Analysis Overview: USDCAD, EURCAD, CADJPY

Chart by IG

EURCAD | Momentum and Pattern Alerts Weak, Descending Channel Holds

EURCAD stays inside its descending channel, nonetheless, momentum indicators are struggling to indicate indicators of a lot in the way in which of agency course, alongside this development indicators are additionally weak, maintaining the outlook impartial. Close to-term help located on the 1.49 deal with, whereby a break under opens up a room in the direction of 1.48. Draw back dangers to EURCAD prone to recede, offered there’s a closing break above 1.5050.

EURCAD PRICE CHART: Day by day Time Body (Sep 2018– Feb 2019)

CAD Technical Analysis Overview: USDCAD, EURCAD, CADJPY

Chart by IG

CADJPY | Topside Resistance Might Restrict Upside

CADJPY continues to hover across the 84.00 deal with as help at 83.72 underpins. Topside resistance might curb good points with the 200DMA at 84.58, whereas the 61.eight% Fibo resides on the 85.00. Momentum indicators counsel that additional upside is probably going nonetheless, as development indicators weakening, this reinforces the perspective that additional upside could also be considerably restricted.

CADJPY PRICE CHART: Day by day Time Body (Jul 2018–Feb 2019)

CAD Technical Analysis Overview: USDCAD, EURCAD, CADJPY

Chart by IG

— Written by Justin McQueen, Market Analyst

To contact Justin, electronic mail him at Justin.mcqueen@ig.com

Observe Justin on Twitter @JMcQueenFX


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