USDCAD consolidates after posting strongest weekly gains since January

EURUSD

The Euro eased below 1.10 handle, where daily Ichimoku cloud base lies, following the third consecutive failure at 200SMA at 1.1030. Near-term price action remains capped by descending daily cloud and currently holds within 1.0923/1.1030 congestion.
Daily slow Stochastic is reversing from overbought territory and suggests further easing, however, bullishly aligned daily studies that still keep upside in focus, favor limited dips. Rising daily 10SMA, currently at 1.0868, is expected to contain extended downside attempts, to keep intact pivotal 1.0794 support, higher low of 07 Dec, loss of which would revive bears.
Prolonged consolidation is seen as likely scenario, before renewed attack at daily cloud base and 200SMA. Sustained break here and lift above 1.1100, daily Ichimoku cloud top, is required to confirm bullish resumption.

Res: 1.1000; 1.1030; 1.1059; 1.1100
Sup: 1.0925; 1.0868; 1.0828; 1.0794





GBPUSD

Cable dips below 1.52, on corrective pullback, triggered by Friday’s upside rejection at 1.5238, just under daily Ichimoku cloud base at 1.5263.
Further easing could be anticipated, as daily slow Stochastic is reversing from overbought territory. Pivotal supports lay at 1.5124/06, sideways-moving daily 20SMA / Fibonacci 38.2% of 1.4892/1.5237 upleg, with break here, expected to signal stronger correction.
Otherwise, extended consolidation could be expected while 1.51 handle holds, ahead of renewed attempts higher.
Penetration of daily cloud base, is needed to expose pivotal barriers: 200SMA at 1.5318 and 19 Nov lower top / daily Ichimoku cloud top ant 1.5334/1.5340 zone, in extension.

Res: 1.5200; 1.5238; 1.5263; 1.5318
Sup: 1.5142; 1.5124; 1.5106; 1.5065








USDJPY

The pair bounces off last Friday’s low at 120.56, which was hit on quick acceleration after repeated failure to sustain gains above 200SMA. Rallies were capped by parallel-running daily Tenkan-sen / Kijun-sen lines, with subsequent easing, leaving red daily candle with long upper shadow and long bearish weekly candle.
This gives fresh bearish signals of further extension lower, after reversal from 123.70 zone, broke below former consolidation top at 122.20, forming lower platform.
Fresh bearish tone is developing on daily chart studies and favors further downside. Fresh weakness may be preceded by corrective rallies, off temporary support at 120.60 zone, offered by daily Ichimoku cloud base.
Friday’s peak, also being reinforced by falling daily 10SMA, is expected to limit rallies.
Conversely, extended rally and close above daily 20SMA at 122.60, is needed to neutralize bears and shift near-term focus higher.

Res: 121.34; 121.56; 122.20; 122.60
Sup: 120.60; 120.22; 120.00; 119.40







USDCAD

Loonie remains under strong pressure, as crude oil continues to fall, with fresh 11-year low being posted at 1.3755, last Friday, on expectations of Fed’s rate hike.
The pair hit high, ticks away from initial target at 1.3760, Fibonacci 161.8% expansion of extended wave C from 1.3036.
Strong bullish setup of technicals on all timeframes, keeps upside in focus. Next targets lay at 1.3825 and 1.3930, Fibonacci 176.4% and 200% expansion, respectively.
However, fresh rallies may be preceded by corrective action, as daily RSI and slow Stochastic are strongly overbought, but no bearish signal being generated so far.
Look for rising daily SMA, currently at 1.3516, as ideal support to contain dips.
Overall bulls would be dented in case of stronger pullback below 1.3420/00 support zone, rising daily 20SMA / Fibonacci 38.2% retracement of 1.2829/1.3755 rally.

Res: 1.3760; 1.3825; 1.3930; 1.4000
Sup: 1.3699; 1.3617; 1.3583; 1.3530