Downside target for USD/CAD
USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
CAD/JPY is under attack
Trade idea
SELL 84.10; TP 83.40; SL 84.40
CAD/JPY failed to close last week around the high of 85.20 and, as a result, remained capped by the 50-week MA in the 84.53 area.
On Monday, the pair closed away from the daily lows but still below the 100-day MA at 84.00 and February support line. The weekly pivot point is located at 84.33, so bears will prevail as long as the pair’s trading below this level. Given all mentioned above, we think that there’s a sense to bet on the decline of the Canadian dollar versus the Japanese yen. The proposed entry level is near the 50-period MA on H4 (84.13)
Bear in mind that volatility will rise on Wednesday, as Canada releases the trade balance figures and the Bank of Canada holds its meeting.
Elizabeth Belugina
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