CADJPY 86.50 Possible

The Canadian dollar remains under technical pressure against the Japanese yen ahead of today’s Bank of Canada interest rate decision. The daily time frame shows that a large head and shoulders pattern is still in play and has yet to reach its full downside target. According to the overall size of the bearish price pattern the CADJPY pair could still fall towards the 86.50 support level.

The CADJPY pair is only bullish while trading above the 88.40 level, key resistance is found at the 89.00 and the 89.60 levels.

If the CADJPY pair trades below the 88.40, sellers may test the 87.40 and 86.70 support levels.

These trading ideas can only be applied to the intraday trading strategy and remain valid for 24 hours after publication. They are based on historical data and analysis and do not guarantee constant profit. You remain solely responsible for your decisions and the financial risks you take. In case your pending order is not executed within a single trading day, please, do not forget to cancel it.

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