What happened? Japanese shares fell on Monday…
CAD/JPY reversed from resistance level 83.50
2019-11-11 • Updated
- CAD/JPY reversed from resistance level 83.50
- Next sell target - 81.30
CAD/JPY recently reversed down from the key resistance level 83.50 (former support level from June of 2017). The downward reversal from this resistance zone created the daily Japanese candlesticks reversal pattern Dark Cloud Cover – which marked the start of the active impulse wave 5. CAD/JPY is expected to fall toward the next sell target at next support level 81.30 (low of the previous impulse wave 3).
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.
Japan's inflation is set to reach 2% in April's reading, for the first time since 2015. But what about the weaker Yen?!
Last week brought a selloff in markets. Some assets reached the most crucial support levels and are likely to reverse in a short term. Be ahead of trends and make the most out of this week!
Historically, the stability of the franc is caused by the solid Swiss economy and a highly developed banking system…