CAD/JPY 1H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Canadian Dollar has been largely underperforming the Japanese Yen since the beginning of the year, but now there is a good reversal signal—a falling wedge. The currency pair has just closed above the down-trend, meaning there is a high possibility of a rally in the nearest future. The initial target is the Jan 22 high at 96, there it merges with the weekly PP, followed by the 200-hour SMA at 97 and the Jan 20 high at 99. As for the technical indicators, hourly and four-hour studies give ‘sell' signals. At the same time, 68% of traders hold loonie-short positions, expecting the Canadian currency to lose even more value.
© Dukascopy Bank SA
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