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Market Optimism - CADJPY Moving Higher
With a "Phase I" trade deal between the US and China finally agreed upon, markets have continued to take on a "Risk On" mantra in recent sessions.
In fact, this can be seen in theCADJPY pair, as the Canadian Dollar appears to be marching higher since the lows of August 2019.
On a technical basis, bulls continue to be in control, with prices still in a "Rising Channel" formation. To lend more support to this view, it also seems that an "Ascending Triangle" pattern has formed, coupled with a rising RSI.
If such market euphoria continues, we could see prices break higher through $83.64 (Green Trend Line) and make a run for $84.59 (Orange Weekly Resistance Line). However, if this recent bullish momentum fails, we could see prices fall back down to $82.41 level (Bottom of the Rising Channel).
In fact, this can be seen in the
CADJPY pair, as the Canadian Dollar appears to be marching higher since the lows of August 2019.On a technical basis, bulls continue to be in control, with prices still in a "Rising Channel" formation. To lend more support to this view, it also seems that an "Ascending Triangle" pattern has formed, coupled with a rising RSI.
If such market euphoria continues, we could see prices break higher through $83.64 (Green Trend Line) and make a run for $84.59 (Orange Weekly Resistance Line). However, if this recent bullish momentum fails, we could see prices fall back down to $82.41 level (Bottom of the Rising Channel).
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