If one looks at the charts, which involved the Canadian Dollar, first thing one notices is the massive jump of the Loonie against anything else. That is the jump of the unexpected Bank of Canada rate raise, which was a purely fundamental move.
Although, the fundamental move did not destroy, but rather helped to map various patterns. For example against the Japanese Yen it can be spotted that the Canadian Dollar will continue to surge in the medium term.
In regards to the short term, one can notice that the currency pair is heading for the first weekly resistance, which is located at the 89.87 mark.
Although, the fundamental move did not destroy, but rather helped to map various patterns. For example against the Japanese Yen it can be spotted that the Canadian Dollar will continue to surge in the medium term.
In regards to the short term, one can notice that the currency pair is heading for the first weekly resistance, which is located at the 89.87 mark.
Trade closed: target reached:
The weekly R1 was reached.
Moreover, the pair broke the initial junior channel up pattern. Most likely a new pattern with a larger angle will be soon observable.
Moreover, the pair broke the initial junior channel up pattern. Most likely a new pattern with a larger angle will be soon observable.
Trade active:
The Loonie recently made great gains against the Japanese yen. In most part the gains can be accredited to the recent political turmoil on the Korean Peninsula, which has decreased the value of the Yen. It occurred due to the Japanese currency losing some of its safe currency reputation.
In regards to the technical perspective on the CAD/JPY pair, one can see that an ascending triangle has formed in the middle of a medium term channel up pattern. Due to that reason it can be expected that the pair will reach for the 92.05 mark, where the weekly R1 is located at first.
Afterwards, it is highly likely that a breakout to the upside will occur.
The Loonie recently made great gains against the Japanese yen. In most part the gains can be accredited to the recent political turmoil on the Korean Peninsula, which has decreased the value of the Yen. It occurred due to the Japanese currency losing some of its safe currency reputation.
In regards to the technical perspective on the CAD/JPY pair, one can see that an ascending triangle has formed in the middle of a medium term channel up pattern. Due to that reason it can be expected that the pair will reach for the 92.05 mark, where the weekly R1 is located at first.
Afterwards, it is highly likely that a breakout to the upside will occur.