CADJPY Bullish as long as the 1D MA50 holds.

The CADJPY pair is on a 1D MA50 (red trend-line) bounce, at the high ranges of the Fibonacci Channel Up that started on the March 2020 COVID crash bottom. The 1W RSI shows a Channel Down fractal on its second Lower Low rebound and the previous two such sequences delivered at least one more rally.

As a result, we see a strong short term buy opportunity to target the 1.5 Fibonacci extension at 112.000.

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