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!
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