Technical Outlook Of USD/CAD, EUR/CAD, NZD/CAD And CAD/CHF: 23.02.2017

USD/CAD

Although break of two-month old descending trend-line triggered USDCAD’s up-move to fortnight high, the pair failed to surpass 50-day SMA and is now witnessing pullbacks towards testing 1.3110 and then to 1.3060 support-levels. However, a broader upward slanting trend-line, coupled with 50% Fibonacci Retracement Level of its May – December upside, around 1.3030-25, might limit the quote’s additional weakness. If at all prices drop below 1.3025, another TL support, near 1.3000 psychological magnet, becomes crucial for traders to watch, which if broken can quickly fetch the pair to 1.2930 & then to 1.2900 round figure. On the contrary, 1.3190 and 50-day SMA figure of 1.3225 can keep restricting the pair’s near-term advances, breaking which 1.3270 and the 1.3315 may please buyers. Should Bulls manage to hold buying momentum alive beyond 1.3315, the 1.3350 & 1.3400 could come-back on the chart.

EUR/CAD

EURCAD’s bounce from 1.3800 round figure recently being defeated by a month-old downward slanting trend-line resistance, which in-turn signals brighter chances for the pair’s 1.3800 re-test; however, 1.3840 may offer immediate stop. Given the pair extends its decline below 1.3800, the 1.3780 and 61.8% FE level of 1.3740 are likely consecutive supports to observe. Meanwhile, aforementioned trend-line resistance of 1.3905 could restrict the pair’s near-term upside, breaking which 1.3930 can act as buffer prior to propelling it towards 1.3960 horizontal-line. If prices successfully clear 1.3960, the 1.4000 round figure and 1.4025 can be aimed by traders.

NZD/CAD

Even after successfully bouncing from 200-day SMA, the 100-day SMA is presently restricting the NZDCAD’s upside, at 0.9470, with brighter chances of a break and rise towards 0.9505, 0.9525 and then to 0.9565 consecutive resistances. Should the pair maintain its upside above 0.9565, a descending trend-line stretched from November high, coupled with 23.6% Fibonacci Retracement of its April – November advances, around 0.9610-15, seem crucial to observe, clearing which 0.9665 & 0.9730 can be expected to appear as a quote. If at all the pair fails to surpass 100-day SMA figure of 0.9470 on a daily closing basis, it can revisit the 0.9425 and 0.9375, comprising 200-day SMA. Given prices drop below 0.9375, it becomes wise to expect a drop towards ten-month old ascending TL, at 0.9310, quickly followed by 0.9300 round figure.

CAD/CHF

Considering the CADCHF’s latest U-turn from 0.7690, the 0.7670 and support-line of near-term ascending trend-channel, at 0.7660, are likely rests that it could avail. Should the pair fail to bounce from channel-support, 0.7650 & 0.7635 numbers can hold the doors for the pair’s additional downside, breaking which it could plunge to 0.7620 & then to 0.7600 round figure. Alternatively, 0.7690 and the 0.7700 mark could please immediate buyers before the channel resistance around 0.7715, adjacent to latest high of 0.7720, may limit the pair’s further advances. If at all prices continue rallying beyond 0.7720, the 61.8% FE level of 0.7735 and the 0.7750 are likely resistances to watch.

Cheers and Safe Trading,
Anil Panchal