Previous analysis… https://analysis.tfxi.com/2021/03/30/triumphfx-forex-analysis-cad-pairs-april-may-june-2021/
AUDCAD – Daily Chart
As suggested in our last CAD chart analysis, price has been reversing around the moving averages and around the horizontal levels at 0.9715 and 0.9245.
AUDCAD is down-trending – price action has formed a series of lower swing highs and lower swing lows. The trend has formed a bearish channel. The moving averages are bearish and widening, signalling that the downside direction may continue.
Opportunities to go short could exist around the bearish channel resistance area, around the dynamic resistance of the moving averages and around the horizontal levels at 0.9385, 0.9485, 0.9720 and 0.9895. A bearish move may find support around 0.9245 and around the channel support area.
CADCHF – Daily Chart
Price reversed around 0.7260 and was bullish, as suggested in our last chart analysis.
CADCHF has since been indecisive though and has been moving sideways. The moving averages confirm the market indecision – they are tightening and are moving sideways. Price action has formed a bearish channel, suggesting potential downside.
Trading opportunities may exist around the support and resistance areas of the bearish channel, around the moving averages and around the horizontal levels at 0.6840, 0.6885, 0.7000, 0.7050, 0.7175, 0.7260 and 0.7500.
CADJPY – Daily Chart
As suggested in our last analysis, the CADCHF has reversed around the longer-term moving average.
Price is clearly up-trending – price action has formed a series of higher swing highs and higher swing lows. The moving averages are bullish and steady, signalling that the uptrend may continue.
Opportunities to go long could exist around the longer-term moving average, around the trend support area, around the 50.0% and 61.8% Fib levels and around the horizontal levels at 85.65, 81.80 and 78.00. A bullish move may be rejected or reverse around the shorter-term moving average and around the horizontal resistance levels at 88.10 and 91.00.
USDCAD – Daily Chart
The USDCAD has been bullish.
Price has swung above the recent bearish channel resistance area and is forming a higher swing high, signalling a potential uptrend. Price action could be forming a large inverted head and shoulder pattern – confirming the potential upside.
Long opportunities may exist around the dynamic support of the moving averages, around the previous bearish channel resistance area and around the recent lows at 1.2040. A bullish move could stall or reverse around any of the horizontal levels at 1.2890, 1.3000, 1.3385 and 1.3685.
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