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Short

Supreme Confluence - CAD/JPY

FX:CADJPY   Canadian Dollar/Japanese Yen
CAD/JPY             has been in a dominant bearish trend since December 2014 as the breakdown in the Canadian Dollar             , largely influenced by the crash of oil             prices, has crippled the currency.

January 2015 resulted in an absolutely massive bearish engulfing bar on CAD/JPY             , February offered us a nice bullish pullback, and now we have the continuation pattern in play. We have supreme confluence on the weekly chart to short this pair starting next Monday -3/9/2015.

USD Non-Farm Payrolls came out better than expected and CAD Trade Balance & Building Permits both printed terrible data. This was the catalyst for USD/CAD             to break out of it's 1 month descending triangle and now we will witness the next round of punishment to the Canadian economy.
excellent as always :)
+1 Reply
ActiveTrader PRO Philiphennigan
Thank you Philip! This pair had been identical to AUD/JPY, so my suggestion would be to pick your favorite :). No need to double up your risk!
+4 Reply
ActiveTrader PRO ActiveTrader
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