Loonie hits fresh 12-year low vs greenback; psychological 1.50 barrier comes in s/t focus

EURUSD

The Euro remains congested between 1.08 and 1.0967, following yesterday’s upside failure at 1.0941 that left another long-legged daily candle which indicates directionless mode. Overall structure is bearishly aligned, as 30SMA at 1.0900 so far caps and several attempts above bear-channel resistance, were so far unsuccessful.
Rejection tops at 1.0941/67, mark pivotal barriers and only sustained break above, would firm the tone for extension towards next key barrier at 1.1006, daily Ichimoku cloud top.
Daily 10SMA marks initial support at 1.0855, followed by downside pivots at 1.0800/ 1.0780, congestion low / daily Ichimoku cloud base, break of which to confirm bearish stance and expose 1.0709, 05 Jan low.
Res: 1.0941; 1.0967; 1.0990; 1.1006
Sup: 1.0855; 1.0833; 1.0800; 1.0780






GBPUSD

Cable resumes larger downtrend, after completion of two-day consolidation and hits its next target at 4331, Fibonacci 138.2% expansion of extended wave C from 1.4943, 24 Dec 2015 lower top.
Sustained break below former low of 12 Jan at 1.4350 and June 2010 low at 1.4344, to open way towards next key multi-year support at 1.4230, Apr 2010 higher low / Fibonacci 161.8% expansion.
Bears so far ignore oversold conditions on daily chart, which indicate corrective actions, before bearish resumption.
Past two-day consolidation highs offers resistances at 1.4431/73, followed by falling daily 10SMA at 1.4530, which is expected to ideally cap.
The pair is on track for the third consecutive strong bearish weekly close, which will confirm strong bearish stance, as Brexit is weighing on Sterling.

Res: 1.4431; 1.4473; 1.4500; 1.4530
Sup: 1.4331; 1.4300; 1.4230; 1.4162









USDJPY

The pair is far unable to sustain breaks above pivotal 118 barrier, which failed for the third time today. Subsequent pullback from session high at 118.26, weakens near-term structure and signals mixed outlook for the currency pair.
Daily technicals maintain bearish tone and repeated failure to extend recovery on oversold conditions and close above recent peaks at 118.26/36, would increase downside pressure and signal an end of consolidative phase, for final attack at key med-term supports at 116.13 and 115.56.
Falling daily 10SMA that reinforces 118 barrier, marks initial resistance, ahead of 118.26/36 pivots.


Res: 118.00; 118.26; 118.36; 118.78
Sup: 117.21; 116.86; 116.13; 115.72






USDCAD

The pair skyrocketed today on sharp acceleration from 1.44 zone that surged through our short-term target at 1.4507, Fibonacci 76.4% retracement of multi-year 1.6191/0.9056 descend and posted new almost twelve-year high at 1.4544 so far. We are looking for daily close above 1.4507 handle, to confirm break for further upside.
There are no significant obstacles at the upside until psychological 1.50 barrier, near which high of Mar 2003 and low of June 2002 at 1.4946 and 1.5024 respectively, lay.
However, strongly overbought daily studies suggest correction in the near-term, but no reversal signal being generated so far.
Lows of today/yesterday at 1.4340 zone, mark initial support, ahead of more significant daily Tenkan-sen at 1.4220.


Res: 1.4544; 1.4614; 1.4650; 1.4700
Sup: 1.4466; 1.4395; 1.4340; 1.4220