The Canadian Dollar Appears Weak In Early Trading

• 23 Oct 2017

GBP/USD

The GBP/USD pair is testing the 1.322 price level where price action has struggled to push beyond this level in the last few weeks. The 20-period EMA remains a resistance line for the pair. MACD has stalled at the zero line and RSI has hit the 50 resistance line. Volume appears to be rising into the move which may suggest that buyers have the conviction to drive prices higher.

NZD/USD

The NZD/USD has reached oversold levels, with price action breaking the lower Bollinger band and RSI hitting the 30 support zone. MACD remains negative, however volume has surged in recent trading sessions, indicating there are still a number of participants in the market. A bullish candle further suggests that a bullish reversal may be imminent.

GBP/CAD

The GBP/CAD pair has struggled to push beyond the 1.662 price level which has been acting as a resistance level for the pair over the last month. MACD has flattened just above the zero line and RSI has flattened just below the 70 overbought line. Volume has been rising into the bullish move, yet the question remains: can buyers push prices towards the 1.683 price level?

AUD/CAD

The AUD/CAD pair is approaching a previous resistance line at the 0.989 price level. However, the pair is reaching overbought territory, as RSI approaches the 70 overbought line and the pair tests the upper Bollinger band. Momentum does appear to be positive however, as MACD is close top breaking the zero line to the upside. A push beyond the 0.989 price level will result in price action breaking out of the previous two month trading range between the 0.971 and the 0.989 price levels.