CAD/JPY 1H Chart: Channel Up

The situation on CAD/JPY chart is very similar to the one currently observed on USD/CHF's graph. This currency pair has also been largely directionless since the beginning of April and it is now trying to escape this trading range. However, loonie's recent attempt to cross the Apr 29 high and weekly R3 did not succeed and the currency was sold off.

Still, as long as the support trend-line of the upward-sloping corridor at 93.20 is intact, the short-term outlook should be positive. In addition, there is a formidable support area around the weekly R1 at 93.06. It is strengthened by the 200-hour SMA and thus should help the Canadian Dollar recover.