Analysis

Canadian Greenback Technical Evaluation Overview: USDCAD, CADJPY

CAD Evaluation and Speaking Factors

USDCAD | 200WMA Break Paves means for 2019 Low CADJPY | Faces Crucial Take a look at as Bearish Strain Abates

See the DailyFX FX forecast to study what’s going to drive the forex viaout the quarter.

USDCAD | 200WMA Break Paves means for 2019 Low

Because the broader outlook for the dollar stays defensive, USDCAD has continued to edge decrease. Momentum indicators stay bearish, thus a transfer in the direction of the 2019 low at 1.3068 is inside attain. Nevertheless, help at 1.3119 seems to be holding for now, which represents the 200WMA, as such, eyes are on for a closing break under. Alongside this, whereas the each day RSI is in oversold territory, a bounce again within the pair might be short-lived given the mushy tone for the USD.

USDCAD PRICE CHART: Each day Time Body (Nov 2018 – June 2019)

Chart by IG

USDCAD PRICE CHART: Weekly Time Body (Could 2017 – June 2019)

Canadian Dollar Technical Analysis Overview: USDCAD, CADJPY

Chart by IG

CADJPY | Faces Crucial Take a look at as Bearish Strain Abates

Yesterday’s bounce within the cross has seen dramatic easing within the bearish stress on the cross, having reclaimed the 82.00 deal with, whereas additionally break above the descending trendline from the October 2018 peak. In flip, CADJPY faces a key take a look at at 82.43 (38.2% Fib stage) earlier than 82.62 (marks the Could excessive and 100DMA). Nevertheless, whereas the each day DMI has flipped to constructive, each the weekly and month-to-month DMI’s stay bearish, thus additional beneficial properties within the cross could also be considerably restricted.

CADJPY PRICE CHART: Each day Time Body (Aug 2018 June 2019)

Canadian Dollar Technical Analysis Overview: USDCAD, CADJPY

Chart by IG

— Written by Justin McQueen, Market Analyst

To contact Justin, e mail him at Justin.mcqueen@ig.com

Observe Justin on Twitter @JMcQueenFX

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