USDCAD’s inability to surpass the 1.3380-90 resistance-region presently drags the pair to re-test the broader resistance-turned-support, at 1.3260 now, which if broken could highlight the 1.3210-1.3200 support-zone. If at all sellers manage to conquer the 1.3200 mark on a daily closing basis, pair’s subsequent drop to 1.3155 & 1.3100 can’t be denied. In case if the pair pulls itself back from 1.3260 support, it can again confront the 1.3380-90 area, clearing which the 1.3430, the 1.3500 and the 1.3530 could entertain the traders. Assuming that the quote keep rallying beyond 1.3530, the 1.3570 and the 1.3640 are likely following numbers to appear in Bulls’ radars to target.
Unlike USDCAD, the EURCAD still has some room towards south, till the support-line figure of ascending trend-channel, at 1.5285. Hence, pair’s dip to the same becomes imminent to expect but a break of which might not hesitate flashing 1.5250 & 1.5200 on the chart. Should prices continue trading southwards after 1.5200, the 1.5140 and the 1.5100 can please the Bears. Alternatively, 1.5440 may offer immediate resistance to the pair ahead of pushing buyers to aim for the 1.5500, the 1.5540 and the 1.5585 consecutive upside barriers. Though, the 1.5610, comprising channel-resistance, may limit the pair additional rise above 1.5585, if not then 1.5660 & 1.5700 may grab market attention.
Having breached a month-old ascending trend-line, the GBPCAD seems all set to revisit the 1.7320-15 horizontal-support but oversold RSI may confine the pair’s further downside. However, break of 1.7315 could make the quote vulnerable enough to test 1.7200 and the 1.7110 rest-points before looking at the 1.7050 and the 1.7000 psychological magnet as supports. Meanwhile, the 1.7465 and the support-turned-resistance line of 1.7530 may restrict the pair’s nearby advances prior to highlighting the 1.7560-70 resistance-zone. If the pair surpass 1.7570, the 1.7670, the 1.7715 and the 1.7770 should be watched carefully.
Even after ticking a bit up from the short-term descending trend-channel, the CADCHF’s recovery can’t be expected unless it clears the 0.7530-35 resistance-area, which in-turn could help optimists target 0.7560 & 0.7600 numbers. Let’s say the pair crosses the 0.7600 hurdle, then it can rise to 0.7650 & 0.7680 levels. On the downside, the 0.7460 & the 0.7425 may try supporting the pair’s decline, breaking which 0.7410 & 0.7390 can play its role as strong bases. Given the prices keep running down post-0.7390, the channel-support of 0.7340 and the 0.7300 round-figure gain importance for the sellers.
This article was originally posted on FX Empire
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