Major support – 79.50
CADJPY is trading lower for the past 1-week and lost more than 350 pips on account of strength in yen due to Safe-haven demand. The yen was trading higher against all majors especially USD and is expected to hit low of 104.60 in the near term.
USDCAD hits a 6-week high on weak crude oil prices due to the US-China trade war. The momentum indicators such as RSI are showing overbought and a minor dip is possible.
The near term resistance is around 80.50 and any violation above 81/81.41. Any minor trend reversal only above 81.40.
On the flip side, major support is around 79.50 and any violation below will drag the pair till 78.80/78.
It is good to buy on dips around 79.55-60 with SL around 79 for the TP of 81.40.
