Canada Markets closed

Technical Overview of USD/CAD, GBP/CAD, AUD/CAD & NZD/CAD: 08.03.2018

Anil Panchal

USD/CAD

Following its failure to extend the 1.2915-20 region-break beyond 1.3000–1.3010, the USDCAD has been struggling between the 1.3010 and the 1.2860. However, overbought RSI and expected recovery of the CAD might drag the pair back to 1.2840 and then to the 1.2800 if the 1.2860 is conquered. During the pair’s additional downturn below 1.2800, the 1.2755, an upward slanting TL figure of 1.2700 and the 200-day SMA level of 1.2680 could gain sellers’ attention. Should the pair manage to close beyond 1.3010, the 1.3045 and the 1.3140 are likely following resistances to appear on the chart ahead of fueling the quote to confront the 1.3190–1.3200 area. If at all prices continue rising after 1.3200, the 1.3270, the 1.3310 and the 1.3350 could please the Bulls.

GBP/CAD

GBPCAD’s sustained trading above 1.7850 indicates brighter chances of its further rise towards 1.8100 with 1.8000 and the 1.8050 being immediate barriers to clear. Though, pair’s extended rise above 1.8100 may be capped by resistance-line of an upward slanting channel, at 1.8215 now, which if broken might not hesitate in flashing 1.8330 as a level. On the downside, a daily close below 1.7850 could reignite the importance of 1.7800, the 1.7750 and the 1.7690 rest-points. Moreover, pair’s additional declines below 1.7690 may recall 1.7600.

AUD/CAD

Even if the AUDCAD witnessed pullback from 1.0135, the pair can’t be termed weak unless closing below 1.0005–1.0000 horizontal-line but it’s pullback to 1.0060 and the 1.0030 can’t be negated considering overbought levels of RSI. Given the pair’s break of 1.0000 mark, 0.9975 and the 0.9915 seem important to observe. Alternatively, the 1.0135, the 1.0160 and the 1.0200 are likely nearby resistances for traders to watch. In case of the pair’s successful break of 1.0200, the 1.0235 and the 1.0265 may pop-up in buyers’ radars to target.

NZD/CAD

Alike USDCAD, the NZDCAD is also struggling with immediate horizontal-line, which is 0.9410-15 in this case. Here also, the RSI is overbought and signals pair’s profit-booking move towards revisiting the 0.9350 and the 0.9295 supports. Should prices continue declining after 0.9295, the 0.9260 and an ascending TL, at 0.9220, may become Bears’ favorites. Meanwhile, pair’s D1 break of 0.9415 could help escalate its north-run to 0.9465 and to the 0.9500 whereas 0.9520-25 zone could restrict the quote’s further advances. Given the optimism after 0.9525 prevails, 0.9550 and the 0.9600 can mark their presence.

Cheers and Safe Trading,
Anil Panchal

This article was originally posted on FX Empire

More From FXEMPIRE: