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Instrument: CADJPY
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 85.799 with take profit at 85.897.
Bearish Preference:
Sell position is envisaged if price trades below 85.421 with take profit at 85.324.
Fundamentals: None with a high impact on the pair.
Comment: The Canadian dollar was up for the sixth consecutive day against the dollar and fourth straight day against the Japanese yen. A few months ago, a rate increase in January looked very likely from the BOC. However, the probabilities of a hike have since fallen sharply, owing to the recent falls in global stock and crude oil prices — the latter being Canada’s major export commodity.
Analysis: SCRUM Team
