Bet on CAD/JPY

Bet on CAD/JPY

Trade idea

BUY 82.20; TP 83.30; SL 81.80

There are various ways to trade the CAD this week. There is the Bank of Canada’s meeting on Wednesday and a rate hike is expected. One of the ways is to bet on the advance of CAD/JPY.

The pair formed a “hammer” on W1 and is now likely to retrace to higher levels.

CADJPYWeekly.png

Awesome Oscillator started rising on D1. The resistance provided by the moving averages is still far away, so there’s scope for the correction up. The H4 chart shows that the last obstacle lies at 100-period MA (82.15). The target is at 83.30 (Fibo level, resistance line).

CADJPYH4.png

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