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Technical Checks For USDCAD, EURCAD & NZDCAD: 23.06.2017

23 June 2017 04:44 PM BDT
Technical Checks For USDCAD, EURCAD & NZDCAD: 23.06.2017
USDCAD

Following USDCAD's U turn from 200 day SMA, the pair now seems declining towards 1.3190 before challenging more than a year long ascending trend line support around 1.3160. Given the pair continue nurturing Bears and drop below 1.3160 on a daily closing basis, the 1.3110 and the 1.3055 are likely following supports to appear on the chart. Alternatively, the 1.3290 may offer immediate resistance to the pair prior to fueling it to 200 day SMA level of 1.3340, which if broken enable the quote to aim for 1.3400 round figure. However, pair's additional upside beyond 1.3400 might find it difficult to clear a downward slanting trend line stretched since May, at 1.3420, breaking which 1.3455 and the 1.3525 30 can become buyers' favorite.

EURCAD

Alike USDCAD, the EURCAD also failed to surpass nearby SMA and is trading adjacent to a support line. Though, in this case, the immediate support is 1.4720 horizontal line and the SMA is a 50 day one standing at 1.4915 now. Should today's Canadian CPI and latest pullback in Crude prices please pair sellers to fetch the quote below 1.4720, the 1.4660 and the 1.4600 might act as buffers prior to igniting importance of another line region near 1.4550 55. Meanwhile, the 1.4830 could try limiting the pair's up moves ahead of the 50 day SMA level of 1.4915, breaking which pair's rally towards 1.5000 psychological magnet can't be denied. Moreover, pair's sustained trading above 1.5000 could give rise to possibilities of witnessing 1.5080 and the 1.5120 resistances.

NZDCAD

Contrast to aforementioned two pairs, the NZDCAD is signaling brighter chances of additional up moves towards 0.9675 before confronting the 0.9700 and the 0.9710 horizontal line resistance. If at all buyers propel prices above 0.9710, the early month high around 0.9755 and the 61.8% FE level of 0.9800 could gain popularity. On the downside, 0.9590 is likely adjacent support for the pair traders to watch ahead of concentrating on month long TL mark of 0.9570. Given pair's failure to respect the 0.9570 support, the 0.9530, the 0.9500 and the 0.9475 can be expected as consecutive rests that might be availed.

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