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.
