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Canadian Dollar/Japanese Yen (CAD/JPY) Exchange Rate
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As the Bank of Canada kept interest rates unchanged at 1.75%, in a move widely expected by markets, the Canadian Dollar rallied; according to the central bank, the global economic expansion remains intact.
Canadian wholesale trade sales released yesterday surprised to the upside and provided the necessary catalyst to force a breakout in the CAD/JPY above its support zone.
Global trade uncertainty, a potential Bank of Canada interest rate cut and mixed Japanese economic data has created a volatile trading environment for the CAD/JPY.
With the global economy on recession watch, the oil market has been largely depressed which is posing a headwind for the Canadian Dollar;
The Canadian Dollar is the best performing G-10 currency this year, but after elections showed that incumbent Prime Minister Trudeau may be forced into a minority government
Start the new trading week of October 21, 2019 prepared with our Forex forecast for major currency pairs here!
Risk-off sentiment is slowly returning after the initial euphoria that a partial trade deal has been announced between the US and China.
Following a breakdown below its resistance zone, the CAD/JPY descended through its Fibonacci Retracement Fan sequence
Get the Forex Forecast using fundamentals, sentiment, and technical positions analyses for major pairs for the week of July 10, 2017.
Get the CAD/JPY Forex signal for October 26, 2016 here.
Get the CAD/JPY Forex signal for October 6, 2016 here.
During the day on Monday, the CAD/JPY pair fell rather significantly.
The CAD/JPY pair initially tried to rally during the day on Tuesday, but struggled at the 81.75 region.
During the day on Friday, we broke down during the course of the session, as the Canadian dollar continues to sell off drastically.
The Japanese yen has been strengthening for some time, but it is especially true against the Canadian dollar.
The CAD/JPY pair fell slightly during the course of the session on Wednesday as we continue to consolidate in what most certainly would be thin trading.
The CAD/JPY pair went back and forth during the course of the day on Monday, ultimately settling on a slightly negative candle.
The CAD/JPY pair broke higher during the session on Wednesday, as the Japanese yen in general was sold off. This market tends to be very sensitive to the price of oil as well, and it of course had a slightly positive session.
Check out the CAD/JPY weekly Forex signal for October 7, 2014
The CAD/JPY pair initially fell during the course of the day on Tuesday, but as you can see found enough support below to turn things back around and form a nice-looking hammer.