Seems likely CAD/JPY will continue higher in the weeks ahead, but could experience shorter-term pullbacks that might create potential entry points for long exposure.
Further, the 'Loonie' - as the Canadian Dollar is known - is affected by oil prices because of Canada's energy exports.
Oil prices currently:
The West Texas Intermediate Crude Oil market continues...
LONG AT BOTTOM OF TRENDLINE
ENTRY BUY1 @0.65666
ENTRY BUY2 @0.65534
T1 @0.65951
T2 @0.66207
T3 @0.66463
NZD/USD refreshes intraday low to 0.6584 after PBOC left key rates unchanged.
An ascending trend line from September 24 offers additional support.
200-bar SMA holds the key to fresh upside towards the monthly top.
The 200 day EMA which is approaching between $1800 and $1850 more buyers return into this market to continue the longer-term uptrend.
SHORT until bottom of major trendline as its going on the downside momentarily.
LONG opportunities at bottom of the trend where gold will rebounce back to build up a higher value.
A good entry would be at the bottom of the trend. Possible short from the top of the range if the trend doesn’t break above 1.97326. A secondary buy at bottom of range is likely if gbp strengthens. Keep an eye on a 4hr chart for closer look at entry points and selling opportunities. Rsi neutral for the daily chart at the moment. A 50 rsi levelling on daily and...
