Levels for USD/CAD and USD/JPY - Forex News by FX Leaders

Levels for USD/CAD and USD/JPY

Posted Monday, August 8, 2016 by
Skerdian Meta • 1 min read

Earlier this morning we presented you with some support and resistance levels for EUR/USD. But, as we said there, today is Monday as well as being the holiday season, so the price action is pretty slow and looks like those support and resistance levels will be in place forever. Anyway, let´s have a look at the levels for USD/CAD and USD/JPY since these forex pairs have been more volatile recently, which might provide us some good trading opportunities.

USD/CAD – This forex pair has been heavily influenced by the oil prices. WTI (West Texas Intermediate). After breaking below $40/barrel last in the beginning of last week, oil has reversed and has gained in the next four days. USD/CAD has been in a downtrend for about two weeks only to make a huge move up on Friday after the great US employment report and the disappointing Canadian employment report. That leaves the first support level at 1.3080-90 which is where most of the moving averages are clustered and then 1.30 which has been a strong support level all week last week. The resistance comes at 1.32 and 1.3240-50 which is last week´s high.

USD/JPY – After getting close to the 100 level again, the price failed to break below it once more. So, that level is the ultimate support level for this forex pair. But below we get there, we have the 101.80, 101.50 and 101 support levels in sight. The resistance comes at 102.40-50 where the 100 moving average on the H1 forex chart stands, just above where we are right now. Then, stronger resistance levels come at 102.80, 103.15 and 103.50.

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About the author

Skerdian Meta // Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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