Ichimoku Analysis (Daily chart)
Tenken-Sen- 80.70
Kijun-Sen- 79.88
CADJPY is consolidating after a massive form low of 80.42 on the strong Canadian dollar. Canada's Ivey PMI came at 52.7in November better than the forecast of 52.3. The upbeat global market sentiment due to COVID vaccine optimism is also supporting the Canadian dollar. Markets eye BOC monetary policy tomorrow for further direction. Short term trend of CADJPY is bullish as long as support 81 holds.
On the lower side, near term support is around 80.88 and any violation below will take the pair till 80/79.69/79.25/78.82.
The significant resistance is at 81.60, any indicative break above that level targets 82/82.68/83. Significant trend reversal only above 82.
It is good to buy on dips around 81.25-30 with SL around 80.80 for the TP of 82.68/83.
