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Important CAD Pairs’ Technical Outlook: 09.08.2018

USD/CAD

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Although 50-day & 100-day SMA has been restricting the USDCAD moves since last fortnight, the 1.2960-55 support-confluence, comprising 100-day SMA & an ascending TL, could keep indicating the pair’s upside with 1.3060 being immediate resistances to tackle before confronting the 50-day SMA level of 1.3115. Given the pair’s ability to close beyond the 1.3115, the 1.3190 and the downward slanting trend-line, at 1.3215, seem crucial to watch as they hold the door for the quote’s rally towards the 1.3265, the 1.3340 and the 1.3385 resistances. In case the pair dips beneath the 1.2960 on a daily closing basis, the 1.2900, the 1.2865 and the 1.2800 can mark their presence on the chart ahead of highlighting the 1.2730 and the 1.2625 rest-points.

EUR/CAD

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Although 50-day & 100-day SMA has been restricting the USDCAD moves since last fortnight, the 1.2960-55 support-confluence, comprising 100-day SMA & an ascending TL, could keep indicating the pair’s upside with 1.3060 being immediate resistances to tackle before confronting the 50-day SMA level of 1.3115. Given the pair’s ability to close beyond the 1.3115, the 1.3190 and the downward slanting trend-line, at 1.3215, seem crucial to watch as they hold the door for the quote’s rally towards the 1.3265, the 1.3340 and the 1.3385 resistances. In case the pair dips beneath the 1.2960 on a daily closing basis, the 1.2900, the 1.2865 and the 1.2800 can mark their presence on the chart ahead of highlighting the 1.2730 and the 1.2625 rest-points.

NZD/CAD

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Even after testing the lowest levels of 2018, mainly due to RBNZ’s dovish statement, the NZDCAD still has to close beneath the five-year old upward slanting trend-line, at 0.8640, on a weekly closing basis in order to stretch its downturn to 0.8580 and the 0.8510 supports. Should prices continue declining beneath the 0.8510, the 0.8430 and the 0.8350 can flash in the Bears’ radar. Alternatively, the 0.8730, the 0.8820 and the 0.8850 can act as adjacent resistances for the pair, breaking which the 0.8980 and the 0.9000 might play their role of upside hurdle. If the pair manage to surpass the 0.9000 mark, the 0.9100-0.9110 resistance-area, including the 200-week SMA level & descending TL, can be targeted if holding long positions.

CAD/CHF

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Unless breaking the seven-week long ascending trend-line, at 0.7600 now, chances of the CADCHF’s pullback to 0.7650 and then to the 0.7665 can’t be denied; though, recent high of 0.7675, ascending TL figure of 0.7685 and the 61.8% FE level of 0.7700 could check the pair’s strength afterwards. Assuming the pair’s rise above 0.7700, the 0.7735 and the 0.7765 can become buyers favorite. Meanwhile, a downside break of 0.7600 can drag the quote to the 0.7585 and the 0.7560 supports prior to increasing the importance of 0.7500 round-figure. Also, pair’s plunge past-0.7500 can avail the 0.7460, the 0.7425 and the 0.7390 rest-points during further weakness.

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This article was originally posted on FX Empire

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