Home Reviews Canadian Greenback Technical Evaluation Overview: USD/CAD, GBP/CAD, EUR/CAD

Canadian Greenback Technical Evaluation Overview: USD/CAD, GBP/CAD, EUR/CAD

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CAD Evaluation and Speaking Factors

USD/CAD | Momentum Shifts to the Draw back, 50DMA EyedGBP/CAD | Bounce Fades, Brexit Retains Cross RiskyEUR/CAD | Key Fibonacci Help Breaks

USD/CAD | Momentum Shifts to the Draw back, 50DMA Eyed

USD/CAD noticed its sharpest fall since January 30th as a impartial assertion from the BoC had been perceived as hawkish relative to expectations, whereas oil costs had additionally surged over four%. Nevertheless, whereas momentum indicators might be pointing to additional draw back, eyes are on whether or not pattern alerts verify the current shift in momentum. On the draw back, assist is located on the 50DMA at 1.3188, by which a closing break under raises threat of a 1.3115 take a look at (61.eight% Fib of 1.2780-1.3660 rise). Wanting forward, market contributors will probably be being attentive to feedback from the BoC Deputy Governor at 1700BST, whereas exterior elements concerning key US knowledge may even be in focus.

USD/CAD Worth Chart: Day by day Time Body (Might 2019 – Sep 2019)

GBP/CAD | Bounce Fades, Brexit Retains Cross Risky

Regardless of the current bid in GBP/CAD, the 50DMA located at 1.6230 has held agency, thus curbing the upside within the cross. That stated, as would be the case with many GBP pairs, Brexit induced volatility is prone to trigger sizeable swings. On the topside, key resistance resides at 1.6300-25, which has beforehand restricted good points within the pair. Development alerts are comparatively weak, emphasising the truth that the cross is missing agency course, as such, the cross might keep inside a 1.60-1.63 vary.

GBP/CAD Worth Chart: Day by day Time Body (Feb 2019 – Sep 2019)

Canadian Dollar Technical Analysis Overview: USD/CAD, GBP/CAD, EUR/CAD

EUR/CAD | Key Fibonacci Help Breaks

The downtrend continues for EUR/CAD, which trades at a contemporary 2 12 months low. A impartial BoC vs a dovish ECB that’s set to announce a brand new stimulus bundle subsequent week retains the outlook bearish, notably with momentum indicators additionally bearishly aligned. The cross has now edged under the 50% Fibonacci retracement of the 1.3017-1.6150 rise, which in flip opens-up a transfer in the direction of the 1.45 deal with.

EUR/CAD Worth Chart: Weekly Time Body (Jan 2015 – Sep 2019)

Canadian Dollar Technical Analysis Overview: USD/CAD, GBP/CAD, EUR/CAD

— Written by Justin McQueen, Market Analyst

To contact Justin, e mail him at Justin.mcqueen@ig.com

Comply with Justin on Twitter @JMcQueenFX

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