CAD/JPY 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
CAD/JPY is currently attempting to establish a bullish channel. However, while there is some upside potential, the currency pair is approaching a major falling resistance line, which is highly unlikely to let the Canadian Dollar to appreciate beyond 87.50 yen. At the same time, the February high and the monthly R1 at 87 yen represent a neck-line of the double bottom emerging in the daily chart, and a close above this level will imply a recovery towards the October 2015 high at 93.30. Still, as long as the nine-month down-trend is intact, the outlook will remain bearish. In the meantime, the SWFX traders are unable to reach a consensus, being that 47% of them are holding long positions and 53% are short the pair.
© Dukascopy Bank SA
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