CADJPY showed a nice jump after upbeat Canadian GDP data. It hit a high of 108.80 and is currently trading around 107.99.
The economy rose to 0.50% y/y in Q1 in line with expectations from Q1 0.40%. the yearly GDP grew 2.1% in the Q2 ,well above estimate of 1.6%.
Technicals-
The pair trades above 34- and 55 EMA in the hourly chart.
The near-term resistance is around 108, a breach above targets 108.80/109.20/110. The immediate support is at 107.65, any violation below will drag the pair to 107.20/109.90.
Indicator (hourly chart)
CCI (14)- Bullish
CCI (50)- Bullish
Average directional movement Index- bullish. All indicators confirm a bullish trend.
It is good to buy on dips around 107.97-108 with SL around 107.48 for a TP of 108.80/109.25.
