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CAD/JPY trades flat following mixed Canadian GDP data. The pair hit a high of 109.90 and is currently trading around 109.09
Canadian GDP Insights
In December 2024, Canada’s real GDP grew by 0.3% in October, exceeding expectations and building on a 0.2% increase in September. The growth was driven by positive contributions from various sectors, especially retail trade and transportation, with 12 out of 20 sub-sectors showing improvements. However, early estimates suggest a potential decline of 0.1% in GDP for November, indicating that this growth may not continue. If December remains flat, the annual gain for the fourth quarter could be around 1.7%. Overall, this data reflects both strengths and potential weaknesses in Canada’s economy.
Technical Analysis
From a technical perspective, CAD/JPY is currently trading above the 34- and 55-EMA on the 4-hour chart. The immediate near-term resistance sits at 110, and a breach above this level could shift targets to 111, 111.56, or 112. Conversely, immediate support is noted at 108.35; a break below this support could lead to declines toward 107.80, 107.34, or 107.
Indicator Trends
Examining the 4-hour chart indicators, the CCI (14) is bullish, while the ADX indicates a neutral position. Overall, the indicators reveal a mixed trend, suggesting caution in trading decisions.
Trading Strategy Recommendation
Considering the analysis above, it may be prudent to buy on dips around 108.35, setting a stop loss (SL) around 107.50, with a take profit (TP) target adjusted to 111.55 or 112.
