Canadian Greenback Outlook
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EUR/CAD, USD/CAD – Bullish Week
Final week, Canadian Greenback softened barely in opposition to US Greenback and Euro, as USD/CAD closed within the inexperienced above 50-day common with a zero.5% acquire. Moreover, EUR/CAD closed with almost zero.9% acquire.
Alongside this, for the reason that begin of October the Relative Energy Index (RSI) has been transferring above 50 on each pairs indicating to the tip of the downtrend momentum and the potential begin of uptrend transfer.
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USD/CAD DAILY PRICE CHART (DEC 15, 2017 – OCT eight, 2019) Zoomed Out
USD/CAD DAILY PRICE CHART (JulY 1 – Oct four, 2019) Zoomed In
From the every day chart, we discover since Sep three USD/CAD has been transferring in a trendless sample, creating the next low with a decrease excessive See the chart (zoomed out). Therefore, the worth ought to break above the Sep three excessive at 1.3382 or the Sep 10 low at 1.3134 with a view to transfer in a transparent development.
On Thursday USDCAD consumers rallied the worth to its highest stage in 4 weeks. Nevertheless, the pair modified course eyeing a check of the low finish of present trading zone 1.3256 – 1.3357. Any shut under 1.3256 may press the pair in the direction of 1.3166. However, the every day assist ranges underscored on the chart (zoomed in) needs to be stored in focus.
It’s value noting that, USDCAD may fall in the direction of 1.2920 – this stage has been talked about in our earlier updates in numerous method. If the worth breaks and stays under the neckline of double high sample residing on the Sep 10 low talked about above.
Alternatively, any break above the Sep three excessive would negate this sample. See the chart (zoomed in) to know extra about larger trading zone/s with the weekly resistance ranges to observe in an extra bullish state of affairs.
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EUR/CAD DAILY PRICE CHART (Jan three, 2017– Oct eight, 2019) Zoomed Out
EUR/CAD DAILY PRICE CHART (AUG 12 – Oct eight, 2019) Zoomed In
Wanting on the every day chart, we discover on Thursday EUR/CAD rallied to its highest ranges in three weeks. Within the following day, the worth rebounded from the excessive finish of present trading zone 1.4476 – 1.4644.
Thus, EURCAD may very well be searching for a check of the low finish of the zone, contingent on clearing the every day assist ranges underlined on the chart (zoomed in). Additional shut under the low finish may see the worth trading in the direction of the neighborhood of 1.4389-79. Though, the weekly assist ranges in grey needs to be thought-about.
That stated, any shut above the excessive finish of the zone may trigger a rally in the direction of the neighborhood of 1.4736-27. An in depth above this stage might trigger extra bullishness in the direction of 1.4818. In that state of affairs, the every day and weekly resistance space and ranges needs to be watched carefully.
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Written By: Mahmoud Alkudsi
Please be at liberty to contact me on Twitter: @Malkudsi