CAD/JPY has recovered sharply from the low of 90.06 yesterday on account of strong crude oil prices. The pair jumped till 91.10 yesterday and is currently trading around 91.14. US crude oil has shown a minor recovery aft…
CAD/JPY has recovered sharply from the low of 90.06 yesterday on account of strong crude oil prices. The pair jumped till 91.10 yesterday and is currently trading around 91.14.
US crude oil has shown a minor recovery after showing a decline till $51.41 after American Petroleum Institute (API) reported a draw of 761000 bbls in US compared to inventory forecast of +3.42 million bbls. WTI crude hits 7- month high at $52.40 after Turkey threatens to block Kurdish exports.
On the lower side, any break below 23.6% retracement at 90 will drag the pair down till 89.21 (34- day EMA)/88.48 (50- day MA).
The pair ‘s near term major resistance is around 91.65 and any break above will take the pair to next level till 92.60 (161.8% retracement)/93.
It is good to buy on dips around 90.90-91 with SL around 89.99 for the TP of 93.
