CAD Crosses At A Glance
Faraday Research | Oct 01, 2018 06:27AM ET
You'd think someone had lit a match underneath the Canadian dollar following its explosive moves from Friday's GDP. So, following today’s news of a renewed NAFTA deal we take a look at the daily charts for USD/CAD, GBP/CAD and CAD/JPY.
USD/CAD Daily
- Following a weekend gap lower, prices have found support at the bearish channel and 1.2818 low.
- Expect firm resistance near 1.2884.
- Due to increasingly bearish momentum we expect this to eventually break to the downside.
GBP/CAD Daily
- A triple-top and false break of a bearish trendline preceded a momentum shift from the September highs.
- The October and November 2017 lows are the next major targets.
- Look for prices to consolidate below 1.6862 to time a better entry.
CAD/JPY Timeframe
- Bullish momentum is accelerating higher.
- Extended beyond the Keltner and fast approaching upper channel, we need prices to consolidate.
- If the gap fills look for support to build around 88.08. A break above 89.44/63 brings the 2018 highs into focus.
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