Important CAD Pairs’ Technical Outlook: 28.07.2017

AUD/CAD

Even after bouncing off from 0.9870-60 support-zone, the AUDCAD failed to surpass the 1.0020-30 resistance-confluence, comprising 200-day SMA & nearly three-month old descending trend-line. As a result, the pair presently witnesses pullback moves towards retesting the 0.9950 and the 0.9920 supports before challenging the 0.9870-60 area. In case if the quote closes below 0.9860, chances of its extended south-run to the 0.9820, the 0.9760 and then to the 0.9730 can’t be denied. Meanwhile, a daily closing above 1.0030 could help prices to aim 1.0110 and the 1.0160 resistances, breaking which 1.0200 and the 1.0250 should appear on the chart. Moreover, pair’s following advances beyond 1.0250 help Bulls to target May-month high around 1.0340-45.

NZD/CAD

Alike AUDCAD, the NZDCAD’s reversal from immediate trend-channel resistance signals its pullback to 0.9350 and the 0.9300 supports; however, channel support, at 0.9275 now, might limit its additional south-run. Should the pair drops below 0.9275, the 0.9250 and the 0.9200 seem crucial for traders to watch, which if broken may fetch it to 61.8% FE level of 0.9100. On the contrary, break of channel-resistance mark, at 0.9415, could accelerate the pair’s recovery towards 0.9460-70 horizontal-line, breaking which it can rise to 0.9530. During the pair’s further up-moves after clearing 0.9530, the 0.9575 and the 0.9615-20 can entertain buyers.

GBP/CAD

With the break of seven-week old descending trend-line resistance, the GBPCAD seem all set to meet 1.6485-90 resistance before aiming the 1.6580 and the 1.6675-80 horizontal-line. Given the Bulls dominance over prices after 1.6680 clearance, the 1.6760, the 1.6830 and the 1.6855-60 should gain attention. Alternatively, 1.6370 and the 1.6300 are likely immediate supports for the pair, which if broken can fetch it to last-week lows around 1.6235 that is expected to confine the quote’s near-term declines. In case if sellers refrains to respect 1.6235, the 1.6200–1.6190 and the 1.6100 can comeback as levels.

Cheers and Safe Trading,
Anil Panchal