FxWirePro: CAD/JPY trades higher on account of positive Canadian Factory order, good to buy on dips
CAD/JPY is trading extremely bullish from yesterday and jumped almost 75 pips. The pair hits high of 86.49 at the time of writing. Canadian dollar was trading strong against all majors after better than expected Canada f…
CAD/JPY is trading extremely bullish from yesterday and jumped almost 75 pips. The pair hits high of 86.49 at the time of writing. Canadian dollar was trading strong against all majors after better than expected Canada factory sales data. Canadian factory sales came at 1.4% in Mar surpassing the 1.2% gain and Feb data was revised upwardly to 2.7% from 1.9%. The yen was trading slightly weaker on easing geo political tensions between US - China. USDJPY broken 200 –day MA and jumped till 110.45.
The pair’s major near term resistance is around 86.50 and any break above will take the pair 87.15/87.80.
The major support is at 85.85 and any break below will drag the 85.30/85.
It is good to buy on dips around 86.10-15 with SL around 85.50 for the TP of 87.15/87.80.
