What happened? Japanese shares fell on Monday…
CAD/JPY falling inside impulse wave 5
2019-11-11 • Updated
- CAD/JPY falling inside impulse wave 5
- Next sell target - 81.00
CAD/JPY recently broke through the key support level 84.310 (which reversed the price shortly at the end of February). The breakout of the support level 84.310 accelerated the active impulse wave 5, which belongs to the intermediate impulse wave (C) from the start of January. CAD/JPY is expected to fall further toward the next sell target at next support level 81.00 (which reversed the price in last June and July).
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.
In the middle of September 2022, the Canadian dollar has fallen to a 2-year low against the USD
The US dollar index has all chances of reaching the 2000s high of 120.00.
The Consumer Price Index announcement by Statistics Canada is set for release in a few hours will reveal the state of inflation in the Canadian economy