Tue, 04 Mar 2014 13:29:38 GMT
CAD/JPY 1H Chart: Channel Down
Starting from Feb 19, when the 200-hour SMA failed to keep the currency pair afloat, the Canadian Dollar has been gradually ceding ground. And while in the near-term, as implied by the hourly technical indicators, the exchange rate may somewhat recover, CAD/JPY is highly unlikely to ascend beyond the resistance at 92.30. This supply area is mainly created by the