Having failed to sustain its bounce from more than three-month old ascending trend-line, the USDCAD seems declining to re-test the 1.2500 TL support, break of which could trigger the pair’s fresh south-run towards 1.2460 but the 1.2415-10 horizontal-line might confine its following downside. Should the quote refrains to respect the 1.2410 and drops beneath the 1.2400 round-figure, the 1.2350, the 1.2300 and the 1.2240 are likely rests that it could avail. On the contrary, the 1.2560 and the 100-day SMA level of 1.2600 can act as immediate resistances to cap the pair’s advances, breaking which it can rise to 1.2620 and then to the 1.2665 north-side numbers. Moreover, pair’s sustained trading beyond 1.2665 enables it to aim for 1.2700 and the 50-day SMA level of 1.2760.
EURCAD seems clubbed in a small range of 1.5050 and the 1.5100 with comparative strength of the EUR indicating the pair’s up-moves to 1.5140 on the break of 1.5100; though, a month-long downward slanting trend-line, at 1.5195 now, may restrict its advances then after. In case if prices surpass the 1.5195 barrier, also clear the 1.5200 mark, the 1.5270, the 1.5310 and the 1.5330 are likely consecutive resistances to appear on the chart. Meanwhile, a downside break of 1.5050 can have the 1.5015 as intermediate halt prior to resting on the 1.4990 horizontal-line, which if broken could further drag the pair to 1.4950 and then to the 1.4920-15 area. If at all sellers continue dominating the momentum after 1.4915 breaks, the 1.4840 can come alive on their radar to target.
Alike EURCAD, the GBPCAD moves are also range-bound but the difference is larger in this case with 1.7125 trend-line number likely limiting the pair’s upside and the 1.6830-40 region seem restricting its declines. However, the 1.7030 and the 1.7080 may offer intermediate stops during the pair’s up-move before making it confront the 1.7125 TL, breaking which it can rise to the 1.7165, the 1.7240 and then to the 1.7295. With the same pattern, the 1.6900 and the 1.6870 may try curb the pair’s immediate downside prior to fetching it to the 1.6830-40 support-zone. Additionally, successful break of the 1.6830 should magnify the pair’s weakness and make it visit the 1.6775, the 1.6725 and the 1.6700 consequent support-levels.
Even after reversing from 0.8860, the NZDCAD can’t be termed strong even for short-term unless it clears the 0.8950 resistance on a daily closing basis, which in-turn could help the pair to run up for 0.9000 round-figure; though, a descending trend-line stretched since late August, at 0.9030, can limit the pair’s advances then after. Given the pair’s ability to successfully conquer the 0.9030 mark, the 0.9060, the 0.9115 and the 200-day SMA level of 0.9160 can please the buyers. Alternatively, pair’s downturn below 0.8860 can have 50-day SMA level of 0.8835 as follow-on support, breaking which it can drop to 0.8800 and the 0.8750 rest-points while 0.8715 and the 0.8685-80 could entertain the Bears afterwards.
Cheers and Safe Trading,
This article was originally posted on FX Empire
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