CAD/JPY 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Unlike the previous currency pair, the CAD/JPY has only approached the upper boundary of downward-sloping channel, meaning that upcoming hours will decide the future movement of the present currency cross. Judging from short-term technical indicators, the Canadian currency pair will bounce from the upper trend-line and continue trading to the south. Moreover, market participants are confidently convinced in pair's ability to trade within pattern's boundaries in the nearest future. At first, the Loonie will face a support, represented by 55-hour SMA and daily S1 at 97.44, while the pattern's support at 96.40 is going to play a role of the long-term goal.
© Dukascopy Bank SA
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