Business

Canadian Dollar Price Forecast: USD / CAD, CAD / JPY, EUR / CAD

Canadian Dollar, USD / CAD, CAD / JPY, EUR / CAD Talking Points:

The most valuable may be the deductive reading …

I looked up USD / CAD at a webinar mid-week last weekEmphasizes the possibility of bearishness before NFP Released on Friday. As I emphasized, the pair seemed to lag behind others when the theme of the strong US dollar was unfolding. oil price.

As U.S. dollar Withdrew in the last week, USD / CAD We passed support on the way to the new three-month lows. At this point, support is being provided for a 61.8% retracement of the bullish movement from May to August.

USD / CAD daily chart

Created chart James Stanley; USDCAD In Tradingview

USD-weakness scenario USD / CAD

At this point, the US dollar is testing support with previous resistance after withdrawing from the newly established highs on Tuesday. But – this can highlight several different possibilities:

For those who are bearish USD and are looking for a larger pullback, the short side of USD / CAD remains of interest and can continue to surpass that of USD in search of the strength of the Canadian dollar.

Alternatively, traders can avoid the US dollar altogether by looking at long CAD setups elsewhere, such as CAD /.JPY Or maybe even EUR/ CAD.

The continuation scenario explores several different levels for the following low and high resistance possibilities: The key seems to be near the psychological level of 1.2500, which merges with the retracement of 50% of the major movements from May to August.

For more information Psychological level Also Fibonacci retracement, Please join us Daily FX Education

USD / CAD 4-hour price chart

USDCAD 4-hour price chart

Created chart James Stanley; USDCAD In Tradingview

CAD / JPY

Focusing on the strength of its CAD against very weak currencies these days, CAD / JPY shows a very strong short-term trend.

The Japanese yen remains very weak as US yields begin to rise and may continue somewhat towards November. FOMC Rate determination. This helped to explode to the fresh five-year highs set earlier this morning after price behavior crossed around 90 handles, a key area of ​​confluence resistance on Monday.

Higher and lower support potentials are present in that spot near 90.00, or in the region of previous resistance near 91.17.

CAD / JPY Daily Price Chart

CADJPY Daily Price Chart

Created chart James Stanley; CADJPY In Tradingview

EUR / CAD down 15 for the last 17 days

The trends here are not as impressive as the CAD / JPY theme above, at least from a historical point of view. However, EUR / CAD has been plagued by very one-sided selling over the past few weeks, which has similar implications for the markets above. The strength of CAD meshes with what has turned into a weak euro, and the bottom has fallen from just this, leading to 15 red bars over the last 17 days.

Just this morning from yesterday, another new 18-month low was hit, and the current 4-year low is lurking just below the chart, with a psychological level of around 1.4250.

This can show some interest on either side of CAD. For those looking for a bit of peace of mind, maybe that four-year low test could allow a sell-out rest? Or, if you’re considering a CAD continuation theme but want to avoid the US dollar or yen above, its four-year low may occur if it gives way.

EUR / CAD Weekly Price Chart

EUR / CAD Weekly Price Chart

Created chart James Stanley; Tradingview EURCAD

Written by —- James Stanley, Strategist For DailyFX.com

Contact and follow James On Twitter: @JStanleyFX



Canadian Dollar Price Forecast: USD / CAD, CAD / JPY, EUR / CAD

Source link Canadian Dollar Price Forecast: USD / CAD, CAD / JPY, EUR / CAD

Related Articles

Back to top button