CADJPY pared most of its gains on the weak Canadian dollar. It hit an intraday low of 110.23 and is currently trading around 110.29
Market eyes Canadian retail sales for further movement.
The retail sales data for Canada in October 2024 is expected to show continued growth in consumer spending. Monthly sales are projected to rise by 0.4%, following a solid 0.4% increase in September. Year-over-year, sales are expected to grow by about 1.4%, demonstrating resilience despite economic challenges.
Technicals-
The pair is trading below 34- and 55 EMA in the 4-hour chart.
The near-term resistance is around 111, a breach above targets 112/112.92/114.85/116.05/118/118.65. The immediate support is at 110.50, any violation below will drag the pair to 109.25/107.99.
Indicator ( 4 hour-chart)
CCI (14)- Bearish
ADX- Bearish
All indicators confirm a bearish trend.
It is good to sell on rallies around 111 with SL around 112 for a TP of 108.
