FxWirePro- CADJPY Trade Idea
CAD/JPY declined slightly after Canadian jobs data. It hit an intraday low of 102.31 and is currently trading around 102.52.
Canada's job market in February 2025 lost steam with jobs increasing by a paltry 19,700 positions, a sharp drop from the 76,000 created in January. While the rate of unemployment remained at 6.6% up to January, February data are not available. Professional, scientific, and technical services, as well as manufacturing, saw job gains in January, with Ontario and British Columbia leading the increase. Canada's growth in employment is decelerating overall
Technical Analysis
CAD/JPY is currently trading below the 34- and 55-EMA on the 4-hour chart. The immediate resistance is at 103.70; a breach above this level could shift targets to 104.50/105/106/107.40/108/108.35/109.30/110. On the lower side, near-term support is at 102.30 and a break below this support could lead to declines toward 102/101.50.
Indicator Trends
CCI (50)- Bearish
ADX (14)- Bearish
Trading Strategy Recommendation
It is good to sell on rallies around 105 with a stop-loss set around 106. 10 and a target price of 101.60.
