Technical Update For USD/CAD, EUR/CAD, GBP/CAD & AUD/CAD: 16.08.2018

Technical Update For USD/CAD, EUR/CAD, GBP/CAD & AUD/CAD: 16.08.2018


Although short-term ascending trend-line favors the USDCAD‘s rise, seven-week long downward slanting TL, at 1.3175 now, becomes a tough challenge for the pair to clear in order to justify its strength in targeting the 1.3215-20 and the 1.3285-90 resistances. In case the pair manage to conquer 1.3290, the 1.3325 and the 1.3385 can please the buyers. On the downside, the 1.3070 TL support and the 1.3020 seem nearby rests for the pair to avail during its declines before visiting the 1.2960-55 support-zone. However, pair’s drop beneath the 1.2955 might not hesitate testing the 1.2920 and the 1.2855 levels.


EURCAD’s U-turn from 1.4800-1.4795 can’t be considered as a sign of its strength as 1.5005-10 and the 1.5060 barriers still stand tall to restrict the pair’s upside momentum. In case prices surpass 1.5060 hurdle, the 1.5100 and the 1.5185 are likely following numbers to appear on the chart. Meanwhile, the 1.4900 and the 1.4840 can offer intermediate halts to the pair’s downturn prior to dragging it to 1.4800-1.4795 area. Additionally, pair’s extended south-run past-1.4795 may aim for 61.8% FE level of 1.4745 and the 1.4700 round-figure.


With the oversold RSI & 1.6585-1.6600 region playing their roles to trigger the GBPCAD’s pullback, the pair may revisit the 1.6770-80 horizontal-resistance, breaking which the 1.6920 and the 1.7000 may entertain the Bulls. Though, the 1.7050-70 area could confine the pair’s advances beyond 1.7000, if not then the 1.7160 & 1.7220 might gain market attention. Assuming that the pair fails to hold its recent recovery and dips below 1.6585 on a daily closing basis, the 1.6475 and the 1.6380-60 can flash in the sellers’ radar. Should the quote keep trading southwards after 1.6360 then chances of its plunge to the 1.6200 and to the 1.6000 can’t be denied.


Alike EURCAD, the AUDCAD also seems recovering and may soon question the 0.9575 resistance but its further escalation can be limited by the 0.9625 and the 0.9665 resistances. Given the pair rallies above 0.9665, the 0.9700 and the 0.9725 could mark their presence as quotes. Alternatively, the 0.9485, the 0.9445 and the 0.9415 may keep troubling the pessimists prior to offering them the 61.8% FE level of 0.9375.