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

Similar

XAU/USD: a short-term trade

Last week XAU/USD recovered 38.2% of the November decline. However, the advance of gold was limited by the declining 50-period MA on the H4.

GBP/USD: levels to trade

GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance at the resistance line connecting October and November highs.

Latest news

XAU/USD: a short-term trade

Last week XAU/USD recovered 38.2% of the November decline. However, the advance of gold was limited by the declining 50-period MA on the H4.

GBP/USD: levels to trade

GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance at the resistance line connecting October and November highs.

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