TriumphFX Interday Forex Analysis – CAD Pairs – August, September, October 2022


Previous analysis… https://analysis.tfxi.sc/2022/03/22/triumphfx-forex-analysis-cad-pairs-april-may-june-2022/

AUDCAD – Daily Chart – Down-trending

AUDCAD daily Forex chart
AUDCAD Daily Chart

Price has been bearish.

AUDCAD has formed a series of lower swing highs and lower swing lows – price is down-trending. The AUDCAD is currently in a retrace and is testing the moving average resistance area. The moving averages are bearish and widening, suggesting that the downside direction may continue.

Opportunities to go short could exist around the longer-term moving average and around the horizontal levels at 0.9130 and 0.9235. A bearish move may stall or reverse around the shorter-term moving average and around the horizontal support levels at 0.8915 and 0.8750.

The Bank of Canada (BOC) has raised it’s interest rate by an entire percent, increasing the official bank rate to 2.5%. The BOC have announced that further hikes are expected to tackle rising inflation.

The Reserve Bank of Australia (RBA) has increased rates again, by another 0.50% to 1.85%. The rate increases throughout 2022 have been to tackle rising inflation. The RBA have stated that the economic outlook is cloudy, due to the war in Ukraine and China’s anti-COVID measures.

CADCHF – Daily Chart – Indecision

CADCHF Daily price chart
CADCHF 1 Hour Chart

As suggested in our previous analysis, the CADCHF has been indecisive.

Despite the recent bullish move above the consolidation area, price continues to be indecisive and lack trend momentum. CADCHF is currently finding support around 0.7365. The moving averages confirm the market indecision – they are tightening and are moving sideways. Price could start ranging between 0.7365 and 0.7560.

Trading opportunities may exist around the moving averages and around any of the identified horizontal levels at 0.7125, 0.7180, 0.7365, 0.7560 and 0.7800.

The Swiss National Bank (SNB) have hiked rates by 0.50%, bringing the official rate to -0.25% – interest rates still being negative. The SNB did not rule out further rate hikes in future or the possibility of intervening in foreign exchange markets. The rate increase is to tackle rising inflation.

The Bank of Canada (BOC) has raised it’s interest rate by an entire percent, increasing the official bank rate to 2.5%. The BOC have announced that further hikes are expected to tackle rising inflation.

CADJPY – Daily Chart – Up-trending. Current range.

CADJPY Daily chart
CADJPY Daily Chart

Price retraced and has since continued to trend, as suggested in our last chart analysis.

CADJPY is clearly up-trending – price action has formed a series of higher swing highs and higher swing lows. Price is currently in a retrace move and is finding support around the shorter-term moving average. The moving averages are bullish and steady, signalling that the uptrend may continue. The CADJPY is currently ranging between 102.15 and 107.30 though. A break to the downside of the range may signal the end of the trend.

Trading opportunities could exist around the support and resistance areas of the range and if price moves out of the range (break-out trade). A break to the downside may find support around any of the horizontal levels at 98.65, 92.80, 91.70, 89.75, 87.70 and 85.15. Trading opportunities could also exist around the bullish move averages.

The Bank of Canada (BOC) has raised it’s interest rate by an entire percent, increasing the official bank rate to 2.5%. The BOC have announced that further hikes are expected to tackle rising inflation.

The Bank of Japan (BOJ) continues to keep interest rates at the record low of -0.10%. The Japanese economy is making a steady but moderate recovery from the COVID crisis but not as great as initially thought – inflation and a resurgence of COVID cases are weighing on the Japanese economy.

USDCAD – Daily Chart – Up-trending

USDCAD 1 Hour Chart

As suggested in our previous chart analysis, the USDCAD closed above the consolidation resistance area and has since been bullish.

Price is up-trending – price action has formed a series of higher swing highs and higher swing lows. The moving averages are bullish and steady and USDCAD has formed a bullish channel, signalling that the upside direction could continue. Price is currently in a retrace phase and is testing the longer-term moving average. The USDCAD is looking a little choppy, suggesting that price could become indecisive.

Buying opportunities may exist around the longer-term moving average, around the bullish channel support area and around the horizontal support levels at 1.2530, 1.2470 and 1.2325. A bullish move could be rejected or reverse around the channel resistance area and around the horizontal resistance levels at 1.2940, 1.3040 and 1.3110.

The Federal Reserve has raised the official funds rate by an additional 0.75% – it’s fourth rate hike in 2022. The rate is currently now set at 2.5%. The increase in rates is to tackle rising inflation. The Fed currently plan to increase rates further – economists expecting a rate of around 3.25% by the end of 2022.

The Bank of Canada (BOC) has raised it’s interest rate by an entire percent, increasing the official bank rate to 2.5%. The BOC have announced that further hikes are expected to tackle rising inflation.

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