TriumphFX – Forex Analysis – CAD Pairs – April, May & June 2021


Previous analysis… https://analysis.dehuifx.com/2020/12/22/triumphfx-forex-analysis-cad-pairs-january-february-march-2021/

AUDCAD – Daily Chart

AUDCAD Daily Chart

As suggested in our last CAD chart analysis, the AUDCAD was bullish and found support around the trend support area.

Price has since been bearish and has swung below the trend support area, suggesting that the uptrend could be over. The AUDCAD is starting to look indecisive. The moving averages confirm the potential indecision – they are moving sideways.

Trading opportunities may exist around the previous trend support area (as resistance), around the daily moving averages and around any of the horizontal levels at 0.9015, 0.9245, 0.9715, 0.9890 and 0.9985.

The Bank of Canada (BOC) continues to keep rates at the low of 0.25%. The BOC are expecting economic indicators to improve from April 2021 but have confessed that there is a great deal of uncertainty around the current pandemic and the path to economic recovery and growth.

The Reserve Bank of Australia (RBA) continue to keep the official interest rate at the record low of 0.10%. The rate is currently forecast to stay the same until 2024. Unemployment rates are expected to over coming months. An unemployment rate of 6% is expected for the end of 2021.

CADCHF – Daily Chart

CADCHF Daily Chart

The CADCHF closed above the consolidation resistance area and has since been bullish, as suggested in our last CAD chart analysis.

Price is above the recent consolidation and the moving averages are bullish and widening, suggesting a potential uptrend. The CADCHF is looking indecisive on the weekly time-frames, signalling potential indecision for the daily time-frame.

Buying opportunities could exist around the dynamic support of the moving averages, around the diagonal support area and around any of the horizontal levels at 0.7450, 0.7260, 0.7175, 0.7055 and 0.6885.

The Swiss National Bank (SNB) continues to keep rates at the all-time low of -0.75%. The SNB recently announced that it will continue to intervene with in foreign exchange markets but will likely keep rates unchanged until 2022. The SNB are expecting economic growth from the 2nd quarter of 2021.

The Bank of Canada (BOC) continues to keep rates at the low of 0.25%. The BOC are expecting economic indicators to improve from April 2021 but have confessed that there is a great deal of uncertainty around the current pandemic and the path to economic recovery and growth.

CADJPY – Daily Chart

CADJPY Daily Chart

As suggested in our last CAD analysis, price closed above the horizontal channel resistance area and has since been bullish.

CADJPY is above the recent consolidation area and has formed a large bullish move. The moving averages are bullish and widening, suggesting that the upside direction could continue.

Long opportunities may exist around any of the key Fib levels, around the bullish moving averages, around the trend support area and around the horizontal levels at 84.65 and 81.80. An attempt to swing higher could be rejected or reverse around the recent highs at 87.85.

The Bank of Canada (BOC) continues to keep rates at the low of 0.25%. The BOC are expecting economic indicators to improve from April 2021 but have confessed that there is a great deal of uncertainty around the current pandemic and the path to economic recovery and growth.

The Bank of Japan (BOJ) continues to keep interest rates at the record low of -0.10%. The Japanese economy is performing well under the current COVID-19 economic crisis, relative to other 1st world countries.

USDCAD – Daily Chart

USDCAD Daily Chart

Price has continued to be bearish and move lower, as suggested in our last analysis.

USDCAD is clearly down-trending – price action has formed a long series of lower swing highs and lower swing lows. The moving averages are bearish and widening, signalling that the downtrend may continue. The current downside pattern is becoming tight though, suggesting a potential bullish breakout.

Trading opportunities could exist around the diagonal support and resistance areas. If USDCAD closes above the diagonal resistance area, price may become indecisive. A bullish move could be rejected or reverse around the dynamic resistance of the moving averages and around the horizontal levels at 1.2890, 1.3000, 1.3385, 1.3690, 1.3875 and 1.4190.

The Federal Reserve have stated that they will do everything they can to support the US economy and to help a robust recovery. The current rate is set at 0.25% (record lows). The US economy is bouncing back quicker than expected originally.

The Bank of Canada (BOC) continues to keep rates at the low of 0.25%. The BOC are expecting economic indicators to improve from April 2021 but have confessed that there is a great deal of uncertainty around the current pandemic and the path to economic recovery and growth.

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