The Canadian Dollar vs. the Japanese Yen. When a trader is unsure about trading the US Dollar, the CADJPY is often determined to be a suitable replacement. However, the historically higher yield of the Canadian dollar in the past has made the CADJPY more sensitive to market wide sentiment changes than the USDJPY. Also, Canada’s large amount of energy exports, most notable oil, causes it to be affected by crude oil prices.
Recent resistance has been broken and it's looking like the current Bullish engulfing is rejecting the past resistance as current support. As always, 2 to 1 reward to risk to target the recent swing high .
Bank of Canada said there is no predetermined path for Canada interest rates and they won’t be mechanical on rates because inflation and wage growth is slower than they anticipated. So they plan to proceed cautiously which basically means that there will be no rate hike in October and a lower chance of tightening in December. The BoC is not happy with the rise in ...
Head & Shoulders
Dynamics of a Head & Shoulders pattern is sell position if neckline is broken
Wedge
Trade can go both ways, wait for the confirmation but also remember that false breakout may occur so wait to see if retrace is confirmed
This is my trade analysis and not to be seen as a signal please do your own homework....:-)
Watch for breakout;
Short with SL: 90.990;
TP1: 89.79; TP2: 88.60; TP3: 87.80
Disclaimer: This is my trading opinion; it is neither recommendation nor invitation to trade.
Price trading within a small S&R channel between 90.400 and 90.550. Looking for price to break the short term resistance and continue bullish trend; firstly to the average weekly around 90.750 and possibly onwards to weekly pivot point 90.877
The Charts are showing plenty on technical supporting further downside to the CADJPY pair.
It has been held down on the 50% Fib retracement tool a number of days on the daily close.
It is currently in a bear flag and using the bottom of it for support.
Price Action is also showing signs off stronger rejection from the Strong resistance at 88.00.
I will await a ...
