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CAD selloff resumes as BoC Poloz offered nothing special, a look at EURCAD and CADJPY

CAD’s selloff resumes after BoC governor Stephen Poloz’s press conference offered nothing special.

EUR/CAD’s rebound today indicates short term bottoming at 1.5461, on bullish convergence condition in 4 hour MACD. Further rise would be seen to 38.2% retracement of 1.6151 to 1.5461 at 1.5725 first.

Currently, the decline from 1.6151 is seen as a corrective move, as it’s held well above 1.5257 key cluster support. Hence, break of 1.5725 will target 61.8% retracement at 1.5887 and above.

CAD/JPY’s pull back also suggest that short term topping at 85.75. And deeper retreat could be seen.

However, note that CAD/JPY drew strong support from 80.55 and rebounded. The fall from 91.56 is likely completed at 80.52. For now, we’d stay bullish as long as 83.52 minor support holds. And, we’d expect another rise through 85.75 to 91.56 high later.

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