© Dukascopy Bank SA
The Canadian Dollar is in a triangle pattern against the Japanese Yen, as the Loonie bounced off the pattern's upper trend-line yesterday at 85.33 and is moving downwards. At the moment it is located quite close to the first weekly support of 83.38. If the exchange rate falls below the weekly S1, then it will likely move to the next support point at 82.72 where the daily S1 and the triangle pattern's lower trend line rest for now
In the meantime, aggregate technical indicators support the pattern, as for the next four hours a depreciation is predicted and a rebound will likely follow during the rest of the day.
© Dukascopy Bank SA