FxWirePro: Loonie pairs' key supports, resistances and current short term trend ahead of BoC rate decision

Today, the Bank of Canada (BoC) is expected to hike rates for the first time since the financial crisis. In this article, we would discuss short-term trends, key support resistances, and the key trend (short-term) changing levels of the Canadian Dollar (Loonie) based pairs, based on one of our models. We expect these sets of information to come in handy to our readers,

• USD/CAD –

This pair is currently in a short-term bear trend, which is raging to turn into a medium to the long-term trend. The next key resistance is quite far, around 1.33 area. The support is around 1.27 area. The pair is currently trading at 1.29

• EUR/CAD –

This pair just entered a short-term bear trend as it dipped below 1.476 area, however trying to form a base around there. The key resistance lies around 1.5 area. It is also the trend changing level. Next support for the pair is around 1.455 and the most vital lies around 1.41 area. The pair is currently trading at 1.48

• GBP/CAD –

This pair is clearly in a bear trend, however trading close to support. Key resistance for the pair lay at 1.696 and at 1.722 area is the trend changing level. The support lies around 1.65 and around 1.622, a break of which could lead to larger decline. The pair is currently trading at 1.655

• CAD/JPY –

This pair entered a short-term bull trend, however, close to key resistance. Key support lies around 86, while resistance is around 89 area. The pair is currently trading at 87.9

• NZD/CAD –

This pair is in a short-term bear trend but trading in a range. The crucial resistance is around 0.973 area. The next resistances lies around 0.99 area. The support is around 1.745. It is also the trend changing level. The pair is currently trading around 1.796

• AUD/CAD –

This pair is in a short-term bear trend but trading in a range. The crucial resistance is around 1.035, and an interim one lies around 1.01 area. The support is around 0.92. The pair is currently trading around 0.934

Kindly note due to heavy distortion in the franc during January 2015, this model can’t reliably predict right levels, hence we are avoiding all franc based pairs for this model.

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