The Canadian Dollar, the british Pound, New Zealand Dollar, GBP/chf, CAD, NZD/CAD – talking POINTS
- The pair GBP/CAD may be at a low after the false breakout led to 3% decline
- The Pair can challenge the descent, and the resistance again – what happens if he capitulates?
- NZD/CAD has broken below the uptrend, the key to the inflection of the range, has been taken up in the works?
Canadian Dollar Outlook vs Pound sterling
GBP/CAD recently fell, about 3.40% to the result of a false break above descending resistance dating back to the beginning of the month of March. However, the recent price action suggests the pair may be bottoming out, at 1.7006, and could once again challenge the slope of the depreciation. If the pair manages to clear, with a follow-up, and the next point of resistance may be a limit to 1.7276 (purple dotted line).
The pair GBP/CAD Daily Chart
The pair GBP/CAD chart-created using TradingView
On the other hand, in the affirmative, the price of the action becomes more and more shy as the pair approaches top-down resistance and the surrender of the certificate follows, he could initiate a downward movement of the shadow on the pair. This can, in turn, a catalyst for aggressive selling, and the cause of the GBP/CAD to break several layers of the support. In this scenario, the selling pressure could start to ease at 1.6851.
Canadian Dollar Forecasts vs New Zealand Dollar
NZD/CAD recently broke below a multi-week of the slope of appreciation and the key inflection range between 0.8524 and 0.8499. However, the decline seems to have been short-term with the recent price action is suggesting NZD/CAD may be ready to test the previously broken region. The clear with the sequel that could open the door to a re-test of the January high at 0.8668, where the pair previously had been blocked.
NZD/CAD Daily Chart
NZD/CAD chart created using TradingView
Conversely, if the buyers lose momentum before the inflection zone, the force, or the sellers could send the pair crashing down and lead to a resumption of the 0.8321-0.8298 support options. Earth-shattering, it is that it is multi-layers of floor, could leave the pair vulnerable to a re-test of the seven-year-old swing low at 0.8170.
— Written by It ZabelinA Currency Analyst to DailyFX.com
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