What happened? Japanese shares fell on Monday…
CAD/JPY broke resistance level 83.50
2019-11-11 • Updated
- CAD/JPY broke resistance level 83.50
- Next buy target - 85.00
CAD/JPY continues to rise after the earlier breakout of the key resistance level 83.50 (which reversed the previous minor corrective wave 4 at the start of March, as can be seen below). CAD/JPY is expected to rise further toward the next buy target at the next resistance level 85.00 (former resistance level from February). Buy stop-loss can be placed below the aforementioned price level 83.50.
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USDCAD began the week slightly higher reaching as high as 1.2510 but failed to sustain these gains.
All eyes are headed toward the Bank of Canada today. Estimates point to no change both for the main rate and the ongoing QE which stands at $3B weekly.
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