CAD Evaluation and Speaking Factors
USD/CAD | Dangers Tilted to the Upside as 200DMA Helps PairEUR/CAD | Cross Based mostly Out, Nevertheless, 50DMA Curbs Upside
USD/CAD | Dangers Tilted to the Upside as 200DMA Helps Pair
Dangers are tilted to the upside for USD/CAD having approached the latest vary excessive (1.3347), whereas dips within the pair have been effectively supported from the 200DMA located at 1.3287, which additionally roughly coincides with the 50% Fibonacci retracement from the Might 2019 – July 2019 drop. Alongside this, momentum indicators as proven by DMI research spotlight that the pair has an upside bias, nevertheless, this has eased in latest classes following the slight correction to 1.33. Topside resistance resides at 1.3347 and 1.3382, through which a break above opens the door to the 1.34 deal with. On the draw back, failure for the 200DMA to carry might go away the pair weak to a drop in the direction of 1.3250.
USD/CAD Value Chart: Day by day Time Body (Mar 2019 – Oct 2019)
EUR/CAD | Cross Based mostly Out, Nevertheless, 50DMA Curbs Upside
The cross appears to be like to have based mostly out within the short-term as EUR/CAD makes a agency bounce from 1.4450. That stated, features have been capped by the 50DMA whereas the bullish momentum signalled by the DMI on the every day timeframe has eased. As such, provided that the cross stays in a broader downtrend, there’s a threat that EUR/CAD revisits the double backside.
EUR/CAD Value Chart: Day by day Time Body (Oct 2018 –Oct 2019)
— Written by Justin McQueen, Market Analyst
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