CAD/JPY Is Bullish

 

CAD/JPY is clearly forming a wide long-term sideways consolidation with no end in sight. The pair did, however, bounce off from the support at 87.75 after forming several spinning top candlesticks and a hammer candlestick on the daily time-frame frame above that level. What is more, it has already broken out above the resistance at 88.65, which coincides with the (MA)89 indicator on the daily time-frame. The move to the upside will likely continue and the first target will probably be around 89.60, which is the last high. A breakout above that level could lead to a further move to the upside towards 90.85 or even to 91.60.

NZD/CAD May Start Falling

NZD/CAD has been slowly moving to the upside ever since the pair found some support at 0.8640 and bounced off from that level at the beginning of November last year. Last week the pair finally reached the (MA)89 indicator on the weekly time-frame, which is at 0.9130 and although it did briefly break out above it quickly retraced back below the aforementioned resistance and formed a clear shooting star candlestick on the weekly time-frame. Such a candlestick, formed below a strong resistance level like that indicator, is a likely signal for a move to the downside. If that move begins the closest target will probably be around 0.8965, which is the same indicator, but on the daily time-frame.

GBP/CAD Continues Falling

The GBP/CAD retracement continues and the pair has almost reached the (MA)89 indicator on the four-hour time-frame which is currently at 1.7285. The pair will most likely reach that level soon and the question is whether it will be able to break out below it or not. If it does break out below it the move to the downside will probably continue towards 1.7200 or even towards 1.7150. On the other hand, if the pair bounces off from the aforementioned indicator it will probably rise back towards the last support at 1.7380 which would become a resistance level.  A breakout above that level could lead to a further move to the upside towards 1.7500.