Canadian Dollar, USD / CAD, AUD / CAD, NZD / CAD, GBP / CAD – Technical Analysis
USD / CAD Outlook
The Canadian dollar may be vulnerable to the dollar US dollar after USD/ CAD formed ‘Golden crossBetween 50 and 100 days of mobile moving average (SMA). The pair was initially lower after the creation of the resistance zone 1.2748 – 1.2808, but the support seemed to be set at 1.2423. Continuing the bottom of June, the pair can look at the current peak of 2021 at 1.2881. Otherwise, falling under SMAs could open the door to target low targets earlier this year.
AUD / CAD Outlook
The Canadian dollar may begin to outperform the Australian dollar as the AUD / CAD rose in February. While the pair formed a bullish engulfing at the beginning of August, the combination of the 0.9248 – 0.9294 turning zone and the falling channel ceiling pointed back crosswise lower. Continuing this year’s peak requires 0.9146 settlement, revealing a 61.8% Fibonacci extension at 0.9104. In the event of a rupture above the canal, closely monitor the 100-day SMA. It can still restore negative focus.
NZD / CAD Outlook
The Canadian dollar may still be in jeopardy New Zealand Dollar. Although the NZD / CAD momentum above the bullish Falling Wedge has somewhat faded, a golden cross between the 50- and 100-day SMAs may emerge in the coming days. This can strengthen the dominant narrative upwards. Imaging 38.2% of the Fibonacci retracement level of 0.8879 shows a 0.8980 – 0.9011 reversal zone. On the other hand, cleaning under SMAs may open the door to retest the 0.8577-0.8631 support zone.
GBP / CAD Outlook
The Canadian dollar is also vulnerable British pound. GBP / CAD has continued to rise after the pair broke the downward trend earlier this year. True, recent progress has been slow. Recently, a golden cross was formed between the 50- and 100-day SMAs, opening the door to a wider technical tilt. This may mean that the couple is moving towards the highest point in April. A negative RSI difference indicates that the rate of increase is fading, which can sometimes precede a turnaround.
– Written by Daniel Dubrovsky, Strategist For DailyFX.com
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