CADJPY continues to trade lower for 3rd consecutive days and lost more than 100 pips yesterday after BOC monetary policy.BOC kept its rates unchanged at 1.75% as expected. The dovish comments by the central bank increased bets for rate cuts in the coming months. USDCAD recovered sharply and hits a 1-month high. Any violation above 1.3240 confirms further bullishness.
Technically, near-term support is around 83.13 (23.6%) and any indicative break below will drag the pair down till 82.50/82.
On the higher side, major resistance stands around 83.65 and any indicative break above targets 84/84.70.
It is good to sell on rallies around 83.45-50 with SL around 84 for the TP of 82.
