CADJPY STILL HOLDING AT SUPPORT AHEAD OF BOC RATE DECISION
We expect to see some movement on this pair this week due to the Bank of Canada Interest Rate Decision on Wednesday where they are forecasting a 25bp hike. This should lead to some investment into the Canadian Dollar however is the move already priced in?
Looking at this chart technically it's at a weekly support level which it can't seem to break through at the minute and could be key to either seeing the market break or bounce at this point.If we see a break above the key structure highs we can look for CADJPY longs however if we sink and close below the support we could expect a deeper retracement of the weekly uptrend to the supporting trendline below.
One to watch!
Looking at this chart technically it's at a weekly support level which it can't seem to break through at the minute and could be key to either seeing the market break or bounce at this point.If we see a break above the key structure highs we can look for CADJPY longs however if we sink and close below the support we could expect a deeper retracement of the weekly uptrend to the supporting trendline below.
One to watch!