17 Feb 2015
CAD/JPY: Back on the bid scoring new high for 2015
FXStreet (Guatemala) - CAD/JPY is currently trading at 96.18 with a high of 96.23 and low of 94.81.
CAD/JPY has rallied despite lower oil but instead is riding the strength in the greenback that has taken the Yen through the 119 handle. With WTI making a small recovery, the set back from above 96 in the cross down to 95.67 has been resolved and the pair is back making tracks to the upside and scoring fresh highs for the year.
Analysts at TD Securities suggested that the early February recovery/reversal (bullish engulfing line on the weekly chart) suggested that an important medium-term low was trying to form for the CAD and modest gains over the past couple of weeks generally supports that view. "The easy gains may have been seen though; we think the CAD could move back to the 99 area but we’ll monitor price’s reaction to retracement resistance closely from here."
CAD/JPY has rallied despite lower oil but instead is riding the strength in the greenback that has taken the Yen through the 119 handle. With WTI making a small recovery, the set back from above 96 in the cross down to 95.67 has been resolved and the pair is back making tracks to the upside and scoring fresh highs for the year.
Analysts at TD Securities suggested that the early February recovery/reversal (bullish engulfing line on the weekly chart) suggested that an important medium-term low was trying to form for the CAD and modest gains over the past couple of weeks generally supports that view. "The easy gains may have been seen though; we think the CAD could move back to the 99 area but we’ll monitor price’s reaction to retracement resistance closely from here."