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CAD/JPY showed a minor pullback ahead of the tariff announcement. It hit an intraday high of 104.85 and is currently trading around 104.72.
Technical Analysis
CAD/JPY is currently trading above the 34- and 55-EMA on the 4-hour chart. The immediate resistance is at 105; a breach above this level could shift targets to 106/107.40/108/108.35/109.30/110. On the lower side, near-term support is at 103.70 and a break below this support could lead to declines toward 103/102/101.50.
Indicator Trends
CCI (50)- Bearish
ADX (14)- Bearish
Trading Strategy Recommendation
It is good to sell on rallies around 104.48-50 with a stop-loss set around 105.50 and a target price of 101.50.
