The violent and erratic swings in the oil markets have punished the Canadian Dollar and this has consequently resulted in the USDCAD spiking in various directions on the daily timeframe. Although the pair is visibly sinking lower, bulls may have an opportunity to install a fresh round of buying if the 1.3800 support acts as a firm defense. Prices have breached below the daily 20 SMA but the MACD still trades to the upside and as such suggests that bulls are still lingering in the background. Traders may take advantage of a potential breakout above 1.4100 or a bounce just above the 50 daily SMA with targets stretching towards 1.4300. A bearish move back below 1.3800 suggests bullish weakness and invalidates this daily bullish outlook.
Prices currently trade in a bullish channel but the candlesticks have broken below the daily 20 SMA. If the 50 SMA acts as a strong level of support, then buyers may use this opportunity to push the pair higher above the 1.5600 resistance towards 1.5750. A decisive breakdown back below 1.5300 invalidates this daily bullish outlook.
The CHFJPY has followed a bearish trajectory since June 2015 and currently remains bearish on the daily timeframe despite prices piercing above the daily 20 SMA. A strong level of resistance may be found at 119.00 while the MACD still trades deep into the downside. If bears manage to break back below 117.50 then sellers may use this opportunity to send the CHFJPY towards 116.00. A solid break and daily close back above 119.00 invalidates this daily bearish outlook.
Silver experienced a sharp decline last week after benchmark prices were fixed far below the spot rates. Regardless of this steep depreciation, the fading expectations around the Fed hiking US rates this current quarter should give way for bulls to send prices higher towards the 14.60 resistance. From a technical standpoint, the metal has been in a wide range for an extended period but the candlesticks are still above both the 20 and 50 SMA. A strong break above 14.60 should encourage a further inline towards 14.85.
This pair is in the process of turning bearish on the daily timeframe. Prices are trading below the daily 20 SMA while the MACD has crossed to the downside. 2.298 should act as a resistance which may encourage a further decline towards 2.900.
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