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Daily technical outlook for CAD/JPY: Societe Generale

Thursday, February 19, 2015 10:58 AM UTC

Quotes from Societe Generale Cross Asset Research:

-CAD/JPY is retracing after testing a descending channel limit at 96.50 which happens to be the 38.2% retracement from late December highs. With Daily RSI approaching a resistance, upside looks capped.

The pair is giving a break below a pattern similar to a rising wedge on short term chart and it looks poised to drift lower initially towards 94.70 and probably even towards 93.50, the 61.8% retracement from last month lows.
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Daily technical outlook for CAD/JPY: Societe Generale

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