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Canadian Dollar/Japanese Yen (CAD/JPY) Exchange Rate
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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.
The CAD/JPY pair initially fell during the course of the day on Wednesday, but as you can tell the 93.20 level offered enough support to turn things back around and form a nice-looking hammer.
The CAD/JPY pair fell during the session on Friday, as oil markets dropped concurrently. We have now found the support at the 94 handle, an area that as you can see is plainly marked on this chart as both support and resistance previously.
The CAD/JPY pair fell during the session initially on Monday, but as you can see the 94 level just below has been to the market previously, thereby sending the buyers into the market and having the daily candle print a hammer, which of course is a very bullish sign.
The CAD/JPY pair initially fell during the course of the session on Thursday, but found the 95 level to be supportive enough to turn things back around and form a massive hammer.
The CAD/JPY pair bounced hard during the session on Wednesday, using the 95 level as work. That being the case, the market looks as if it has respected the previous break out, and that break out has shown that the former resistances now support.
The CAD/JPY pair has been very congested recently, and the Monday session really didn’t do anything to change that. However, what has caught my attention is that every time we fall down towards the 93.50 level, the market bounce is nicely.