CADJPY Short at Retracement, Risk Aversion & Rate Cut Vibes Short
Canadian Dollar/Japanese YenFXCM
Description
⋅ UPDATE: Target 1 Hit. Profits Booked on First Position.
UPDATE 2: Target 2 Hit. Profits Booked on Second Position.
2 CADJPY Short Positions Triggered with a dip down below the 200 SMA on H1 TF.
Fundamentals
- Recent OIL Prices Devaluation, Canada's Seemingly Recessive Economy and Risk Aversion Vibes are all factors that may contribute to a weaker CAD.
- BoC is expected to cut rates this Wednesday.
Technical
- Possible Evening Star on H4 in the Downtrend. This is after Rejection off of the 97.00 / 38.2 Fib of the current bear wave. Time will tell.
1st Target is 95.700 and 94.600 in extension.