CAD/JPY Are we in the Bullish Cycle?!! Next stop the 90.000
As I've been trading and observing the market catching some really obvious set-ups on the Euro's & Raw Reversals on the GBP.
For now my eyes are fixated on CAD/JPY, seeing how the high GDP Growth on the CAD has aroused the Investors to feel extremely confident with the CAD and on top of the fact that Trump himself said there's no Trade Tariffs with Canada - meanwhile countries such as China, Russia, and many Europeans countries haven't set out boarder lines or trade Tariffs with Canada makes it an even more reliable source for investors and that's largely due to the fact that Canada is one of the worlds biggest Energy & Agricultural Food Product exporters - Not only with the US but the whole world.
Reason why I'm looking at CAD/JPY Specifically, and not other cad pairs such as USD/CAD or CAD/CHF is because the JPY itself has gained weakness, as investors buying this market have pulled out with no momentum left to keep it rising up strongly against the CAD.
Seeing how CAD/JPY has also broken above major Technical Price Levels (83.300) & (84.250) then we can almost see this breaking above the next Major Technical Price Level (85.700) and closing above it, as I do see this running up to the 92.000 levels.
But seeing how CAD/JPY is currently reacting, consolidating on every time frame we can confirm that it's at an exhaustion level right now, and we should expect a re-test back to the lower side in order for the CAD to rebuild that momentum and break above our next resistance and close Bullish above it, which currently is priced at (85.250-85.400).
The next re-test should be expected at the previous resistance, which was priced at (84.240) but even then, we should expect a brief break below that level perhaps to the (84.000) back to the round numbers that we know banks tend to reverse price within.
That being said - I do hope the community has a rough idea of what expectations we could have with the CAD over the course of the next 2-3 Months, till we get to the 90.000 levels.
For now my eyes are fixated on CAD/JPY, seeing how the high GDP Growth on the CAD has aroused the Investors to feel extremely confident with the CAD and on top of the fact that Trump himself said there's no Trade Tariffs with Canada - meanwhile countries such as China, Russia, and many Europeans countries haven't set out boarder lines or trade Tariffs with Canada makes it an even more reliable source for investors and that's largely due to the fact that Canada is one of the worlds biggest Energy & Agricultural Food Product exporters - Not only with the US but the whole world.
Reason why I'm looking at CAD/JPY Specifically, and not other cad pairs such as USD/CAD or CAD/CHF is because the JPY itself has gained weakness, as investors buying this market have pulled out with no momentum left to keep it rising up strongly against the CAD.
Seeing how CAD/JPY has also broken above major Technical Price Levels (83.300) & (84.250) then we can almost see this breaking above the next Major Technical Price Level (85.700) and closing above it, as I do see this running up to the 92.000 levels.
But seeing how CAD/JPY is currently reacting, consolidating on every time frame we can confirm that it's at an exhaustion level right now, and we should expect a re-test back to the lower side in order for the CAD to rebuild that momentum and break above our next resistance and close Bullish above it, which currently is priced at (85.250-85.400).
The next re-test should be expected at the previous resistance, which was priced at (84.240) but even then, we should expect a brief break below that level perhaps to the (84.000) back to the round numbers that we know banks tend to reverse price within.
That being said - I do hope the community has a rough idea of what expectations we could have with the CAD over the course of the next 2-3 Months, till we get to the 90.000 levels.