Last week on tradingview we discussed a potential short opportunity on CADJPY as technically price found resistance at the head and shoulders pattern neckline that formed in July. This weekend we saw the news of Saudi Arabia's oil refineries being attacked which could move the market into a risk-off sentiment with safe havens such as JPY benefitting from that. We will look for this market to continue lower into the daily highs of 80.75.
Good review and the price may hit the target as it is 60-70 pip away. While looking on a bigger picture on W1 and Monthly chart - long term traders may see every dip as a buying opportunity as a bottom for the price is being formed on those charts. Similar action may be seen on CAD/CHF as both Yen and Swiss Frank are acting as safe havens.
While looking at the fundamentals for CAD - Canada is building a very nice recovery and a sustained path is being kept over the last 3-4 months.
While looking at the fundamentals for CAD - Canada is building a very nice recovery and a sustained path is being kept over the last 3-4 months.