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Important CAD Pairs’ Technical Checks: 31.08.2018

Anil Panchal

USD/CAD

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With the fortnight long descending trend-line still being untouched, the USDCAD can continue being weaker and may revisit the 1.2960, adjacent to 1.2935 supports. Should prices dip beneath the 1.2935, the 1.2885 and the 1.2845, comprising 61.8% FE level, might please the sellers. Alternatively, successful break of 1.3030 TL could escalate the pair’s recovery towards the 1.3100 and the 1.3110 trend-line resistance, clearing which 1.3170 may appear on the chart. Additionally, pair’s sustained trading beyond 1.3170 can recall the 1.3220 and the 1.3285 levels as quotes.

EUR/CAD

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Alike USDCAD, the EURCAD also needs to surpass the 50-day SMA level of 1.5220 in order to confront two-month old descending TL, at 1.5295. However, breach of 1.5295 may only have 1.5300 as a small barrier prior to targeting the 1.5360, the 1.5440 and the 1.5465-70 numbers to north. Meanwhile, the 1.5050 and the 1.5010-1.5000 can offer immediate supports to the pair, breaking which 1.4880 can entertain the Bears. Given the pair’s extended downturn beneath 1.4880, the 1.4800 may gain market attention.

GBP/CAD

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The GBPCAD is different from above mentioned two pairs as it has already conquered two important resistance-lines; though, overbought RSI dragged the pair that may retest the 1.6855-50 support-zone. If prices dip below 1.6850, the 1.6800 and the 1.6720 might become intermediate stops ahead of highlighting the 1.6585 level. On the upside, the 1.6960, the 1.7000 and the 1.7050 are likely nearby resistances that the pair should cross before challenging the 1.7165-75 resistance-area. It should also be noted that break of 1.7175 might not hesitate pushing the quote to 1.7290-1.7300 zone.

This article was originally posted on FX Empire

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