By: Colin Jessup
Just about any pair connected to the Loonie or CAD saw some big movement yesterday. Thanks to a sheepish rate statement from the Bank of Canada the Loonie as it is known fell compared to its cousin to the south, the Greenback. This move also created some breakout possibilities on most of the CAD pairs. The CAD/JPY appears to have confirmed its bearish sentiment again today by falling below a support zone at 75.12 that halted the pairs fall last week. Price has closed below and will now find resistance at this level. We will also find resistance at 73.50, 73.00 and 72.00 below that. If price reverses and the bulls fight back look for additional resistance at 76.25 and 77.00. This pair has been bearish for weeks or even months, and after today's action, the bearish sentiment seems to be continuing.
Happy Trading!
