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FxWirePro- CADJPY Daily Outlook

CADJPY hits multi-week low on board-based Canadian dollar weakness. It hits a low of 104.59 and is currently trading around 105.38.

 

Canadian economy added 22000 jobs in August, compared to a forecast of 23.7K. Unemployment rate ticked higher to 6.6% from 6.4% the previous month. The weak employment data and easing inflation increased the chance of rate cut by BOC.

                                                                               

Technicals-

 

The pair trades above 34- and 55 EMA in the hourly chart.

 

The near-term resistance is around 105.85, a breach above targets 106.28/106.75/107.25/108. The immediate support is at 105.20, any violation below will drag the pair to 104.58/103.95.

 

Indicator ( hourly chart)

 

CCI (14)-  Bullish

 

CCI (50)- Bearish

 

Average directional movement Index- Neutral. All indicators confirm a mixed trend.

 

It is good to sell on rallies around 106.28-30 with SL around 106.76 for a TP of 105.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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