Technical Overview of EUR/USD, USD/JPY and USD/CAD Currency Pairs

EURUSD

EUR USD

The EUR traded higher against the USD and closed at 1.1542.

The EUR/USD crossed the stiff 100-day moving average (MA) and closed well above 1.1542 yesterday, confirming an upside break of the two-month-long trading range.

FED Chair Speech affects USD depending on the speech rhetoric. If the speech is seen as an intention to raise the rates at the next FOMC meeting, this has a positive impact on USD and vice versa.

The FED Chair’s statements have the greatest impact on the market compared to other members of the FED Board of Governors.

According to the Analysis, The pair is expected to find support at 1.14683, and a fall through could take it to the next support level of 1.13942. The pair is expected to find its first resistance at 1.15853, and a rise through could take it to the next resistance level of 1.16282.

Previous Day range was 117 and Current Day Range is 30.5.

USD JPY

USDJPY

The USD traded lower against the JPY and closed at 108.153.

USD/JPY hit a session low of 107.84 in Asia, possibly tracking the losses in the S&P 500 futures.

Risk aversion in stocks may have put a bid under the Japanese yen, amplifying bearish pressures around USD/JPY.

BOJ Governor Speech is an event having the greatest impact on JPY among all public statements made by the Japanese regulator. The Governor’s rhetoric reflects the official position of the Bank of Japan.

If some hints at tightening the monetary policy by the Bank of Japan are detected in the Governor speech, it may affect JPY positively.

The pair is expected to find support at 107.765, and a fall through could take it to the next support level of 107.376. The pair is expected to find its first resistance at 108.763, and a rise through could take it to the next resistance level of 109.372.

USD JPY previous Day range was 9980 and Current Day Range is 4310.

USD CAD

USDCAD

The USD traded higher against CAD and closed at 1.3209.

USD/CAD manages a bounce back towards 1.3250

The Loonie remains tied tightly to oil barrels’ performance, in lock-step with WTI charts.

Despite the pair’s early bounce, bearish continuance is approximately assured.

Canada Building Permits m/m indicates a change in the number of permits issued by Canadian municipalities for new construction projects. The indicator is calculated as a change in the reported month compared to the previous one.

The indicator characterizes the activity of the national real estate market. Its growth may have a positive effect on CAD quotes.

According to the analysis, USD/CAD pair is expected to find support at 1.31664, and a fall through could take it to the next support level of 1.31239. The pair is expected to find its first resistance at 1.32650, and a rise through could take it to the next resistance level of 1.33211.

USD/CAD previous day range was 98.6 and current day range is 41.9.