Canadian Dollar and Euro/Yen Trade Ideas

This week, confidence is high in 2 setups, so we are presenting both of them.

We remain bulls due to the 5 wave advance from .9710 to 1.0324. The USDCAD looks poised to test the 61.8% at .9944. A drop to this level should lead to a bottom and advance that eventually breaks above 1.0324.

We have focused on the EURJPY in recent special reports because the reward to risk on this trade is extremely favorable. A large C wave is underway from 164.97. A first wave down is complete at 160.59 and the short term pattern strongly suggests that wave ii is complete at 163.09. If our assessment of the short term picture is correct, then the EURJPY should drop quickly from near current levels.

DailyFX

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