CAD Crosses At A Glance

Matt Simpson, CFTe, MSTA CityIndex

With markets expecting BOC to hike in October, today's CPI data from Canada is a core focus for markets. We take a look at USD/CAD, GBP/CAD and NZD/CAD daily charts to highlight key levels.

USD/CAD Daily

Compressing beneath the June retracement line ahead of today’s CPI data.
A break of 1.3114 or 1.3175 could mark the beginning of its next directional move.
A break above retracement line assumes resumption of the bullish trend.

GBP/CAD

Trend remains bearish, a break of 1.6589 confirms resumption of the trend.
Currently consolidating between the Nov ’17 and Jan ’18 lows.
A break above 1.6806 would provide a counter-trend signal over the near-term.

NZD/CAD Daily

Currently retracing after breaking to a near 3 year low.
Trend remains bearish but the Dec lows (0.8682/90) could prove pivotal over the near-term.
At current levels the cross is on track for a weekly bullish pinbar.

Author

Matt Simpson, CFTe, MSTA

CityIndex

Matt Simpson is a certified technical analyst who combines charts and fundamentals to generate trading themes.

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