CAD/JPY 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
We have already discussed the present currency pair some time ago. Since then, the Loonie bounced from the lower trend-line and is currently heading to the upside. Despite the strong bearish sentiment among SWFX traders (66% of all positions are short), we are waiting for the pair to continue going to the north. However, the pair is not supposed to reach the upper boundary with ease, even though technical studies point strongly to the upside. The Canadian currency is going to face an important resistance, represented by daily and weekly R2 levels at 98.31/37. After that, in case the pattern's resistance at 98.54 is crossed, we can expect from the pair to jump higher.
© Dukascopy Bank SA
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