FxWirePro: CADJPY Daily Outlook

Ichimoku Analysis (4-hour chart)

Tenken-Sen- 86.72

Kijun-Sen- 86.75

Previous week High- 87.73

Previous Week low-86.37

CADJPY is trading weak for the second consecutive days and jumped more than 100 pips. The decline was was mainly due to the weak Canadian dollar. The weak Canadian manufacturing sales and spread of delta variants across the globe are putting pressure on the Canadian dollar at higher levels.  The intraday trend of CADJPY is bearish as long as support 88 holds.

USDCAD Analysis-

USDCAD  is consolidating in a narrow range after pullback till 1.27600 level.  Markets eye Canadian CPI data which is to be released today for further direction. Any breach above 1.2780 confirms short-term bullishness.

USDJPY-

It has broken significant support 109.40 after a long consolidation. The intraday resistance to be watched is 109.65. Significant support is around 109.

CADJPY-

On the higher side, the pair is facing resistance at 86.50. Any indicative surge past targets 87/87.20/87.50.

The significant support is at 85.90, any decline below that level will drag the pair down to 85. Bearish Trend continuation only below 84.65. A dip till 83 is possible.

It is good to sell on rallies around 86.55-60 with SL around 87.20 for the TP 84.70.