Even after trading at the highest levels in eighteen-months, the USDCAD has to close beyond 1.3410 on a weekly closing basis in order to aim for 1.3450 and the 1.3500 resistances-levels; however, the 1.3585-1.3600 confluence-region, including upper-line of an ascending trend-channel & horizontal-barrier, can confine the pair’s upside if at all it crosses 1.3500 mark. In case prices rally above 1.3600, the 1.3650 & 1.3740 may offer intermediate halts prior to highlighting the 1.3800 resistance. Alternatively, the 1.3330 & the 1.3260 could serve as immediate supports for the pair, breaking which 1.3180 & 1.3125 might gain traders’ attention. Given the sellers’ refrain to respect 1.3125, the 200-week SMA level around 1.3000 seems crucial to watch.
Not only six-week old upward slanting trend-line but 200-day SMA could also challenge the AUDCAD’s downside, which in-turn signal brighter chances of its pullback to the 0.9700 and then to the 0.9770 numbers to north. Should the quote manages to hold its strength past-0.9770, the 0.9800, the 0.9840 and the 0.9885 are likely following resistances to appear on the chart. Meanwhile, a D1 close beneath the 0.9660 TL-support needs to conquer 200-day SMA level of 0.9635 to revisit the 0.9600 and the 0.9550 rest-points. Moreover, pair’s sustained downturn below 0.9550 can avail 0.9515 and the 0.9465, including 100-day SMA, as supports.
NZDCAD’s failure to hold 0.9185-75 breakout maintains the importance of resistance-turned-support, breaking which the pair can come back to an ascending TL, at 0.9120. If at all the 0.9120 fall short of limiting the price decline, the 0.9100, the 0.9035 and the 0.9000 could become Bears’ favorites. On the contrary, the 0.9260, the 0.9285 and the 0.9315-25 can keep trying to restrict the pair’s near-term advances, which if broken may escalate its rise to 0.9365 level. Additionally, the 0.9400 and the 0.9445 might please Bulls beyond 0.9365.