USDCAD distance has increased from moving average
From the daily chart, the bullish bullish currency pair USDCAD, which started at the prevailing price level of 2017 (1. 2062), continues after a year and three months in the form of a long ascending upward channel. The USDCAD is above the moving average of 200, 500, and 20, which is also indicative of the market uptrend. Recently, the pair continued to hit the 1.3600 weekly resistance, with a new high of 1.3618, which is currently the highest level in the market for 2018.
The Rand rate of 1.3600, which emerged in the form of resistance in 2016 and 2017, would be expected to rebound USDCAD’s return to levels if it maintained its position again and the Canadian Dollar converted to a downward recession. Lower. In the event of a breakdown of the price of the recessional currencies (1.3567), we can think of a sales deal with the first profit margin at partial support of 1.3444 (corresponding to a moving average of 20). The losing margin is also above resistance 1.3618.
In contrast, if buying pressures continue and buyers are able to cross the 1,3600 weekly resistance, USDCAD can move up to the ceiling of the long-term channel.
Weekly Analysis: EURUSD fluctuations are still limited
On a weekly chart, the EURUSD’s long-term trend is on the downside. Since early 2008, this long-term trend has been on the downside channel. This decline rally continues after 10 years. The EURUSD rate has climbed in the last wave of upswing from channel floor at $ 1.2340 to channel ceiling (peak in 2018 at $ 1.2555). However, the bullish rally has been adjusted to 61.8% Fibonacci retracement. Recently, the price movements of the currency pair have been limited to Fibonacci levels (50-61.8). Last week, the Rand rate was $ 1,300 in support and as a result we saw EURUSD moving to a resistance of $ 1,475.
Since the parity rate in response to the Fibonacci retracement range of 50% is weakening, if the currency pair is exposed to selling pressures and the market goes below the Rand rate of $ 1,300, we can expect EURUSD to move to support range of 1 1215-1. 1118. In the event of a daily breakdown signal at a Rand rate of $ 1,1300, you might think of a sales deal that would be the first margin of support. The transaction loss limit will also be determined based on the daily signal.
Conversely, if the Rand rate of $ 1,300 is backed up by the support and the daily buyback signal is issued, a transaction can be entered into which the first profit margin will again be in the 50% Fibonacci range. If the US dollar exchange rate could pass through the first minor resistance at $ 1,1475, the EURUSD will climb to the next resistance at 1625-1.1800 and eventually reach the channel’s limit.