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

USDCAD

USD CAD

The USD traded higher against the CAD and closed at 1.3484.

In Canada, the organizations and people that affect the most the moves of the pair are:

Bank of Canada (BoC, Canada’s Central bank) that issues statements and decides on the interest rates of the country. Its president is Stephen Poloz.

Canadian Government (headed by Justin Trudeau) and its Department of Finance (whose minister is Bill Morneau) that implement policies that affect the economy of the country.

CAPP (Canadian Association of Petroleum Producers): Canada being a prominent oil and natural gas producer, the trade organization of that industry is very important.

According to the Analysis, The pair is expected to find support at 1.34306, and a fall through could take it to the next support level of 1.33774. The pair is expected to find its first resistance at 1.35216, and a rise through could take it to the next resistance level of 1.35594. Previous Day range was 91 and Current Day Range is 30.1.

GBPUSD

GBP USD

The British Pound traded a bit higher against the USD and closed at 1.2608.

The FOMC’s decision was unanimous, hiking rates by 25 basis points to 2.25% – 2.50%, repeating in the statement that risks to the economy appear ‘roughly balanced’ and will “continue to monitor economic and financial conditions for their effects on the economic outlook.”

The pair is expected to find support at 1.25840, and a fall through could take it to the next support level of 1.25600. The pair is expected to find its first resistance at 1.26543, and a rise through could take it to the next resistance level of 1.27006.

GBP/USD previous Day range was 70.3 and Current Day Range is 25.

USDJPY

USD JPY

The USD traded lower against JPY and closed at 112.47.

The USD/JPY is barely moving after the Bank of Japan’s (BOJ) status quo announcement. The Japanese central bank offered little hawkish or dovish surprises by keeping its short-term rate target at minus 0.1 percent and the 10-year yield target around zero percent under a policy dubbed yield curve control (YCC).

Moreover, the BOJ is stuck between the rock and a hard place – maintaining current stimulus is proving costly, however, there is limited scope for policy normalization amid signs of global economic slowdown and ahead of next year’s consumption tax hike.

According to the analysis, USD/JPY pair is expected to find support at 112.155, and a fall through could take it to the next support level of 111.840. The pair is expected to find its first resistance at 112.720, and a rise through could take it to the next resistance level of 112.970.

USD/JPY previous day range was 5650 and current day range is 3400.