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USDTRY experiencing turbulence & USDCAD Outlook
Published: 08/10/2018

USDTRY 

The USDTRY pair is experiencing turbulence from the expected intervention by the Central Bank after the ECB said that they are concerned by regional bank’s credit exposure to Turkey. President Erdogan is due to speak at 11:00 GMT. The result of this has been a risk off open and a flight from assets into bonds. The USDTRY chart is showing a break out to resistance at 6.4860 from the 5.6000 level. The move has been pared as traders expect action to counter the rise.

Resistance is hard to pin down but important levels are 6.0000 and 6.2568. Support for the pair comes in at today’s high around 5.5700 followed by the 5.4296 area. A break under this level could see a retest of 5.1780. The 5.0000 level is an obvious area of interest and it provided resistance before the recent rally. A loss of this level could see a test of the previous high at 4.9245 with further support at 4.7700.

USDCAD

The USDCAD pair can be affected by Canadian Jobs data and US CPI data today at 12:30 GMT. The price has moved higher from trend line support around 1.2970 and is currently retesting 1.3100 resistance. A break higher from this level can see price look to resistance at 1.3222 followed by a move up to 1.3300 if the level gives way. The recent high can be found around 1.3388 and a move higher would engage 1.3400 followed by 1.3500.

Support for the pair can be found at 1.3000 and the rising trend line followed by the higher low now created at 1.2970. A loss of this area could see a fall to 1.2900 with lower levels at 1.2804 and 1.2734. A move under the latter could see a rapid fall to 1.2600 where price has consolidated previously.

 

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