CAD/JPY Major BULL flag setup!

FX:CADJPY   Canadian Dollar / Japanese Yen
FUNDAS - With CAD bulls recently coming back into the market on the back of strong econ reports, it seems the ongoing NAFTA on/off sentiment has waned. In the short term at least. For now traders seem to be positioning for a July rate hike by the BOC by pushing this pair higher.

Techs -84.50 is the clear resistance point here and a break thru that could send us above 85. I particularly want this trade to happen prior to Wednesdays BOC report and have that squeeze effect for a quick push higher. My stops would be under 84 initially and I will add to my position on the way up as momentum confirms. I will definitely be looking to reduce risk going into the meeting. If we do get a hike and a more positively outlook from Poloz and co this pair could see 85.60s to 86.

Happy trading.


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