The GBPCAD came within striking distance of the 161% Fibonacci extension of the summer 2018 lows to 2019 highs.
Last week we highlighted the NZDCAD which had the potential to rally. Today, we will highlight the EURCAD which is sitting on weekly trend line support.
The NZDCAD has a descending wedge into a 61.8% Fibonacci level. The Descending wedge already is a signal for a bullish reversal.
The BOC decision Wednesday may have a little more impact for the CADJPY considering the major confluence of resistance we hit today.
The AUDCAD is finding significant support that is the 2018 lows near the 0.9100 level.
The USDCAD rallied above the 1.3500 level following the BOC rate decision, and the pair looks to have broke out.
The USDCAD has a longer term inverted head and shoulder’s pattern in play.