CAD/JPY 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Being well-supported by 92.39, CAD/JPY managed to commence a recovery, which seems to be taking place within the boundaries of the upward-sloping channel. Accordingly, the Canadian Dollar is expected to move further away from the rising support trend-line located at 92.73 and aim for the rising resistance trend-line at 94.10.
However, if the current bullish tendency persists, there is going to be a significant obstacle for the currency pair in the face of the Apr 29 high and weekly R1 at 93.80, which may attempt to prevent the rally. Still, right now there are more ‘buy' signals than there are ‘sell' signals.
© Dukascopy Bank SA
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