FxWirePro: CAD/JPY break trend line resistance, jump till 90.75 likely
CAD/JPY formed a temporary bottom around 86.80 and jumped almost 230 pips from the low. Canadian dollar was trading high since Friday against all major after better than expected Canadian employment data. The pair breaks…
CAD/JPY formed a temporary bottom around 86.80 and jumped almost 230 pips from the low. Canadian dollar was trading high since Friday against all major after better than expected Canadian employment data. The pair breaks trend line resistance at 88.61 and jumped till 89.25.
The Canadian economy has added 79500 jobs in the month Of Nov compared to forecast of 10000 and unemployment rate fell to 5.9% from a 6.3% level in Oct. Wage growth also gone up 2.8% yoy fastest pace in 19 months.
On the higher side, any convincing break above trend line will take the pair to next level till 89.80/90.77. The near term support is around 88.60 (23.6% fibo) will drag the pair till 88/87.01 (200- day EMA).
It is good to buy on dips around 88.85-90 with SL around 88.40 for the TP of 90/90.78.
