Technical Update For USD/CAD, EUR/CAD & CAD/JPY: 24.08.2018

Anil Panchal
Technical Update For USD/CAD, EUR/CAD & CAD/JPY: 24.08.2018

USD/CAD

USDCAD’s another bounce off the 100-day SMA & seven-month old ascending trend-line indicates its readiness to confront the downward slanting TL stretched since late-June, at 1.3145. Should the pair registers a daily closing beyond 1.3145 barrier, the 1.3215 and the 1.3255 are likely intermediate halts that it could avail prior to aiming the 1.3385 mark. In case Bulls keep ruling the trade-sentiment past-1.3385, the 61.8% FE level of 1.3490 may prove its worth as strong resistance. Alternatively, the 1.2990-85 support-zone, comprising 100-day SMA & aforementioned trend-line, may restrict the pair’s near-term declines, failing to which can drag the quote to 1.2915 and the 200-day SMA level of 1.2840. Given the pair’s additional downturn beneath the 1.2840, the 1.2750-45 and the 1.2700 might please the sellers.

EUR/CAD

Even after recovering from 1.4800, the EURCAD might find it hard to remain strong for longer as the 1.5170-75 and the 1.5290 descending trend-line still stand tall to challenge the pair buyers. If prices rise above 1.5290, the 1.5320, the 1.5370 and the 1.5440 are expected consecutives hurdles that needs to be cleared in order to target the 1.5500 round-figure. Meanwhile, the 1.5050 and the 1.5025 support-line may limit the pair immediate drops, breaking which the 1.5000, the 1.4915 and the 1.4800 can witness market attention.

CAD/JPY

Having repeatedly defeated by the 200-day SMA, CADJPY again looks to question the strength of 85.55 SMA figure, which holds door for the pair’s advances towards 86.05 trend-line. However, pair’s successful trading above 86.05 can fuel it to the 86.75 and the 87.20 resistances. On the downside, the 84.70, the 84.25 and the 83.70 could continue troubling the pessimists, breaking which an ascending trend-line, at 83.10, might become crucial to observe. Assuming the pair’s extended south-run below 83.10, the 82.15 and the 81.35 may appear in the Bears’ radars.

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Top Promotions

Top Brokers

IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US