Technical Update: USDCAD, EURCAD, GBPCAD And CADJPY

USDCAD

USDCAD’s reversal from 1.3780 is presently finding it difficult to break 1.3680-75 immediate support confluence, including more than a week old ascending trend-line and a horizontal-line support. Should it dip below 1.3675, it can quickly test 1.3620-15 support-zone while failure to hold the same can exert more downside pressure into the pair prices towards testing 1.3530-20 area. Moreover, extended south-run below 1.3520 opens the room for the pair’s plunge to 1.3400 round figure mark. On the upside, a pullback from the current levels may find 1.3715-20 as an intermediate resistance before it could re-test 1.3780. Given the pair’s ability to surpass 1.3780, chances of its northward trajectory towards 1.4130-50 area becomes brighter; however, 1.3950 and the 1.4020 may act as buffer resistances during the pair’s up-move.

EURCAD

Ever since the EURCAD bounce-off from 200-day SMA, it aggressively marched to test the highest levels in more than eleven weeks; however, failure to close above 1.5085 – 1.5100 horizontal resistance area seems currently pulling the pair back to 1.4960-50 support-zone, including 23.6% Fibonacci Retracement of its April – August rally. If the pair breaks down the 1.4950 mark, it can find 1.4850, 1.4660, 1.4620 (the 100-day SMA) and the 1.4580 (38.2% Fibo) as consecutive downside supports during its sustained decline. Though, further downside below 1.4580 could find it difficult to break 1.4380 and 50% Fibo, near 1.4280, breaking which the pair can re-test the 200-day, presently around 1.4160-50. Alternatively, a daily close above 1.5100 can be followed by the 1.5200 round figure mark, clearing which the 1.5430 may act as an intermediate resistance for the pair’s fresh up-move towards surpassing the August highs of 1.5560.

GBPCAD

Although GBPCAD managed to clear 2.0360-70 horizontal resistance-turned-support-zone, the 2.0950-70 region, including the August highs, restricted its further advance, favoring a current pullback towards 2.0560-50, which if broken can drag the pair down to 2.0360-70 re-test, which is immediately followed by the 23.6% Fibonacci Retracement of its April – August rally, near 2.0300 and the 100-day SMA, around 2.0270. Given the bears’ dominance on the break of 2.0270, the pair can plunge to sub-2.0200 mark prior to testing the 1.9780-60 important support area. Meanwhile, a closing break of 2.0970 can accelerate the pair’s northward trajectory towards 2.1050 and the 2.1250 prior to aiming the September 2007 highs, near 2.1500 psychological level.

CADJPY

Following its break of 89.00 – 88.80 horizontal support (now acting as immediate resistance), the CADJPY plunged to re-test the August lows, near 87.50-40; however, pullbacks form the same seems presently favoring the pair’s re-test to 88.80 – 89.00 area. Should the pair manage to clear 89.00, the 90.00 psychological magnet, can act as a buffer during its march to 23.6% Fibonacci Retracement of June – August downside, near 90.60-65, breaking which 91.50 and the 100-day SMA, near 92.00 are likely important resistances to limit the pair’s further upside. On the downside break of 87.50-40 immediate support, the CADJPY can initiate fresh downside to 87.00 and the 85.80 levels before testing the 61.8% FE of the said move, near 84.75-70.

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