CADJPY continues to trade higher for a third consecutive week and hits a fresh 6-1/2 year high. The board-based weakness in yen against all majors supporting pair at lower levels. The bullish trend in the Canadian dollar is due to a jump in crude oil price pushes the prices further higher. Canada's retail sales jumped by 3.2% in Jan compared to a forecast of 2.4%. CADJPY hits an intraday high of 94.69 and is currently trading around 94.68.
On the lower side, near-term support is around 93.30 and any violation below will drag the pair down till 92.75/92/91.58.
The immediate resistance is at 95, a breach above targets 96/98. Major trend continuation only above 100.
It is good to buy on dips around 94 with SL around 93 for TP of 96.
