Major resistance – 84.55 (trend line joining 88.66 and 87.72).
CAD/JPY formed a top around 84.55 (trend line resistance) and started to decline from that level. The pair declined till 83.26 at the time of writing. It is currently trading around 83.41.
CAD is trading weak against all major pairs on account of weak crude oil prices. WTI near to a 10- month high due to supply concerns. U.S crude oil inventories fell more than expected last month .The inventories declined 2.5 M compared to forecast of -2.106M.
The pair has broken major support at 83.52 (100 – MA) and declined till 83.26 at the time of writing. Any close below will drag the pair till 82.80 (55- EMA)/82.39/81.80.
On the higher side, major resistance is around 84.55 and any break above targets 85.89 (Mar 10th 2017 high)/86.17.
It is good to sell on rallies around 83.60-83.70 with SL around 84.55 for the TP of 82.40/81.80.
CAD/JPY formed a top around 84.55 (trend line resistance) and started to decline from that level. The pair declined till 83.26 at the time of writing. It is currently trading around 83.41.
CAD is trading weak against all major pairs on account of weak crude oil prices. WTI near to a 10- month high due to supply concerns. U.S crude oil inventories fell more than expected last month .The inventories declined 2.5 M compared to forecast of -2.106M.
The pair has broken major support at 83.52 (100 – MA) and declined till 83.26 at the time of writing. Any close below will drag the pair till 82.80 (55- EMA)/82.39/81.80.
On the higher side, major resistance is around 84.55 and any break above targets 85.89 (Mar 10th 2017 high)/86.17.
It is good to sell on rallies around 83.60-83.70 with SL around 84.55 for the TP of 82.40/81.80.