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USDNOK & EURCAD Outlook

The USDNOK pair is trading around 8.2500 today. The slip in the dollar in September has retraced higher, but after two days of selling question marks are arising. The 8.3000 area is providing resistance with the 50 DMA adding strength to the level. This level is the key to any advance for the pair. The high yesterday reached 8.3095 and a move above this level could see a push higher to test 8.3500 followed by the 8.4000 level. A break above these levels may see an attempt to break higher to retest the 8.5000 area and the high at 8.5078. 

Support at the 100 DMA has been tested and price moved below only to rebound higher this morning. A loss of today’s low at 8.2151 may proceed a test on 8.2000. This level is associated with a potential area of support. Below this area the low at 8.0824 and the 200 DMA are aligning to possibly form support in the coming days. The rising support trend line is positioned at 8.0315 and guards the way to 8.0000. A loss of the trend line and the 8.0000 level would suggest a deeper fall is on the cards, with 0.79013 the first significant support below.

 

The EURCAD pair is moving around 1.5000 at present. The pair dropped to 1.4800 yesterday with a low at 1.4765. This is now the support to watch. The 200 DMA is potential support below at 1.4653 followed by the area around 1.4400. This has an associated zone extending up to 1.4448 and down to 1.4370. A loss of this zone could result in a deeper drop to 1.4000 possibly even extending down further to 1.3800.

Resistance at 1.5000 may attract interest following a push higher above 1.4900. Above these levels price could short squeeze towards 1.5400, the 50 DMA at 1.5295 and the lower high at 1.5325. A break higher would potential retest the 1.5600 area and the highs at 1.5585. If this area fails to provide enough resistance buyers will seek to pressure sellers into giving up the 1.6000 level. This would push sellers to defend the recent high at 1.6150 and the 1.6200 area.

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