Technical Update For USD/CAD, GBP/CAD, CAD/JPY & NZD/CAD: 26.10.2017

USD/CAD

USDCAD’s sustained break of 1.2770-80 horizontal-line signals brighter chances for the pair’s additional up-moves to 1.2855 and then to the 1.2945-50 region; however, its following advances might be challenged by the 1.3000–1.3015 area which comprises of the 200-day SMA. Given the pair’s ability to surpass the 1.3015 on a daily closing basis, it becomes capable enough to aim for 1.3185-90 resistance-zone with 1.3060 and the 1.3100 acting as intermediate halts during the north-run. On the contrary, pair’s break of 1.2770 may trigger a pullback towards 1.2710 and the 100-day SMA level of 1.2645. Should the profit-booking stretches beneath 1.2645, the 1.2600 and an upward slanting TL figure of 1.2510 can become important for traders to watch, which if broken may again drag prices to 1.2410 and the 1.2330 supports.

GBP/CAD

Even after successfully clearing the 200-day SMA barrier, the GBPCAD failed to extend its north-run as the 1.6970-90 horizontal-region confined the pair’s advances, which in-turn indicates the quote’s U-turn to 1.6800 round-figure before re-testing the 200-day SMA level of 1.6690. If the pair continues declining below 1.6690, the 1.6560, the 1.6455 trend-line and the 50-day SMA level of 1.6400 gain investors’ attention. In case if the pair conquers the 1.7000 psychological magnets, it can escalate the rally in the direction to 1.7170, the 1.7280 and the 1.7315-20 consecutive resistances. Moreover, Bulls’ dominance over 1.7320 may flash the 1.7520 resistance-mark on the chart.

CAD/JPY

With a break of more than two-month-old ascending trend-line, the CADJPY seems all set to test 100-day SMA level of 88.00 with 88.40 being a buffer. Should sellers refrain to respect the 88.00 SMA figure, the 87.70, the 87.30 and the 86.65-70 may appear on their radar. Meanwhile, the support-turned-resistance line, at 89.60 now, can limit the pair’s near-term advances, breaking which it can rise to the 90.20, the 90.50 and the 90.70 adjacent-levels. During the pair’s additional upside beyond 90.70, the 91.30 and the September high around 91.65 gain higher probability to please buyers.

NZD/CAD

While 0.8685 provided much needed upside push to NZDCAD, the pair couldn’t break 0.8815-20 horizontal-line in the course of its recovery and is again declining towards 0.8755 support-mark. Given the pair’s drop below 0.8755, the 0.8715 and the recent low of 0.8685 may offer intermediate halts to it ahead of fetching the quote to 61.8% FE level of 0.8650. Alternatively, break of 0.8820 could open the door for the pair’s advances towards 0.8870 and then to the 0.8900 ahead of confronting the 0.8925-30 multiple resistance-zone. In case if upside momentum breaches 0.8930, chances of witnessing the 0.8970 and the 0.9020 as levels can’t be denied.

Cheers and Safe Trading,
Anil Panchal