CAD/JPY 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Canadian Dollar is developing in a confident up-trend since Friday of last week, as pattern's support used to be strong enough to give the pair the necessary impetus in order to gain value. However, in a short period of time the Loonie will face an important supply zone represented by the monthly PP, as well as 100-period SMA around 95.75. We suggest this level will be crossed successfully. The medium-term perspectives, in turn, are not that bright for this currency pair. Daily technical indicators are bearish at the moment, meaning that there is a high chance the upper trend-line will send the cross to trade downwards. Meanwhile, 52% of SWFX traders are holding short positions on the pair.
© Dukascopy Bank SA
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