19 Feb 2015
CAD/JPY heading for 98/99.00's post break of resistance? - TDS
FXStreet (Guatemala) - Analysts at TD Securities explained that CAD/JPY’s rebound might have seen the easy gains as we neared the 38.2% retracement of the December/January drop.
"We wanted to see how the CAD reacted to retracement resistance and, on the face of it, the answer would be; not too well."
"At this point, we are not too concerned though."
"Rejection of retracement resistance has hardly been emphatic and short-term patterns suggest a consolidation (intraday) in the trend rather than a reversal."
"Renewed gains early tomorrow to retest and break through 96.40/45 should see the CAD move on towards 98/99."
"We wanted to see how the CAD reacted to retracement resistance and, on the face of it, the answer would be; not too well."
"At this point, we are not too concerned though."
"Rejection of retracement resistance has hardly been emphatic and short-term patterns suggest a consolidation (intraday) in the trend rather than a reversal."
"Renewed gains early tomorrow to retest and break through 96.40/45 should see the CAD move on towards 98/99."