CAD/JPY 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
CAD/JPY has formed a channel pattern on October 8 and even despite a false breakout last Friday, the pair is still moving in pattern's boundaries. On Tuesday the price shot to the north and it seems a correction is needed. This idea is supported by aggregate technical indicators on 4H and daily charts, meaning that a retest of the support line is expected. The first major support level, however, is located at 94.807, represented by a Fibonacci retracement, which in case is breached open a space of depreciation up to the pattern's support and even a 200-hour SMA. a release of a weaker-than-expected manufacturing data from Canada, pushed the pair higher.
© Dukascopy Bank SA
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