Asian equities recover overnight, should provide relief for CAD
Oil has put in a decent overnight rally too and the combination of the receding risk off environment and recovering Oil price should see CAD being bid. Furthermore, the relief from NAFTA being decided hasn’t really resulted in much of a CAD bid yet. However, that positive sentiment is still around.
So charts I like at the moment are USDCAD, CADJPY AND CADCHF. The USDCAD is sitting just under the 100 SMA level on the Daily chart, so technically an excellent place to enter short. (Please note the different references to SMA and EMA’s in the chart below)
CADJPY is bouncing between it’s 100 and 50 EMA, I favour an entry back from the 100EMA
CADCHF too has just rejected it’s 100 EMA and a retest just above of that level would be great entry with minimal risk.
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