With its another bounce towards the 1.3000–1.3010 horizontal-region, the USDCAD seem capable enough to surpass the same during this time and may even rise to 61.8% FE level of 1.3040. However, overbought RSI is likely a problem that might confine the pair’s rally beyond 1.3040, which if ignored could please the Bulls with 1.3100 and the 1.3160 resistances. In case if the pair again fails to clear the 1.3010, the 1.2920 and an upward slanting trend-line, at 1.2865, can entertain counter-trend traders. Should prices drop beneath the 1.2865, another ascending TL figure of 1.2800 and the 1.2755-60 horizontal-area might gain market attention.
Alike USDCAD, the EURCAD is also near to short-term important resistance-line, it’s a week-long descending TL figure of 1.6050 in this case, breaking which the pair can rally to the 1.6120 and then to the 61.8% FE level of 1.6215. Moreover, pair’s successful trading above 1.6215 could help it aim for 1.6300 and the 1.6320 resistances. On the downside, the 1.5980, the 1.5915 and the 1.5860 could act as immediate rests for the pair to avail before highlighting the 1.5835 trend-line support. Given the pair extended downturn below 1.5835, the 1.5750-45 could try challenging the sellers before pleasing them with 1.5685 number.
Following its inability to sustain the TL break during last-week, the CADJPY again aims to visit the 81.35 support but has to clear the 81.65 barrier. If Bears keep dominating the momentum after 81.35, the 61.8% FE level of 80.75 and the 80.00 round-figure could appear in their radars to target. Meanwhile, 82.00 and the 82.30 may restrict the pair’s nearby upside, breaking which 82.90 & 83.45 can test its strength. Additionally, 83.85 and the 84.50 can become the buyers’ favorite if they conquer the 83.45 mark.
Considering the immediate ascending trend-line support and the RSI recovery, CADCHF is likely recovering towards 0.7320, breaking which the 0.7345, the 0.7370 and the 0.7400 may offer consecutive resistances to the pair ahead of pushing it to the 0.7425 horizontal-line. In case if the pair rallies beyond 0.7425, 0.7470 & 0.7500 may play their roles. Alternatively, break of the 0.7275 trend-line support can fetch the quote to 0.7245 and then to the 0.7220 while its following downside can be limited by 61.8% FE level of 0.7175. During the pair’s further declines below 0.7175, the 2017 low of 0.7120 and the 0.7100 round-figure seem important to observe.
Cheers and Safe Trading,
This article was originally posted on FX Empire
More From FXEMPIRE:
- Daily Grains Analysis for March 15, 2018 – Corn Breaks Higher
- EUR/USD Mid-Session Technical Analysis for March 15, 2018
- Fair Gaming is the Future: TruePlay Sets a New Transparency Standard for the Gambling Industry
- E-mini Dow Jones Industrial Average (YM) Futures Analysis – March 15, 2018 Forecast
- Oil Price Fundamental Daily Forecast – Next Major Move Up To the Hedge Funds
- Natural Gas Price Fundamental Daily Forecast – Drop in Spot Prices Driving Futures Lower