Technical Checks For USD/CAD, AUD/CAD & NZD/CAD: 13.10.2017

USD/CAD

With the break of month-old ascending trend-channel joining hands with immediate downward slanting TL, the USDCAD is more likely to revisit the 1.2415-25 horizontal-region. However, near to oversold level of RSI questions the pair’s following downturn, which if happens could quickly drag it to 1.2360 and the 1.2330 support-marks. Moreover, pair’s additional declines below 1.2330 can avail 1.2300 and the 1.2240 as rest-points. In case if the quote witnesses buyers’ favor after US CPI release and clears the 1.2485 TL, the 1.2525 and the 1.2560 can act as immediate resistances, breaking which two-month old descending trend-line figure of 1.2585 becomes crucial to watch. Moving on, during the pair’s further upside beyond 1.2585, the 1.2600 and the 1.2665-70 could be targeted while being long.

AUD/CAD

Having breached an adjacent TL resistance, the AUDCAD seem all set to meet the six-week old descending trend-line, at 0.9800 now, break of which could accelerate its advances in direction to 0.9840 and the 0.9850 north-side numbers. Should the pair sustain trading beyond 0.9850, the 0.9875 and the 0.9900 might become Bulls’ favorite. Meanwhile, 0.9755 and the 0.9715 are likely immediate supports that prices can meet ahead of resting on 0.9700 and the 0.9680 levels. Given the pair continues trading southwards after 0.9680, it becomes vulnerable to plunge towards 0.9640 and then to the 0.9600 round-figure.

NZD/CAD

Considering more than four-month old descending trend-line’s sustained compression of NZDCAD moves, the pair’s latest recovery is likely to be challenged around 0.8930, which in-turn reignites the importance of 0.8815 and the 0.8765 supports. If the pair extends its decline below 0.8765, the 0.8740 and the 61.8% FE level of 0.8660 should be watched closely. On the contrary, pair’s ability to provide a daily closing beyond 0.8930 needs to conquer 50-day SMA level of 0.9010 in order to justify its strength in targeting 0.9055 and the 0.9100 round-figure. Should the pair successfully trades above 0.9100, it becomes capable to aim for 0.9180 and the 0.9210 resistance-levels.

Cheers and Safe Trading,
Anil Panchal