Japanese Yen Strengthens on COVID-19 Worries
What happened? Japanese shares fell on Monday…
CAD/JPY strengthening the bearish bias below the 200 SMA
2019-11-11 • Updated
CAD/JPY has been finding strong resistance at the Fibonacci level of 50% at 81.98 following a buying wave seen since March 19th session. The 200 SMA at H1 chart is helping to provide dynamic resistance so far and the pair didn’t succeed to post fresh highs above the 65% Fibonacci level and that’s why we would like to see a bearish continuation towards the -23.6% Fibonacci zone at 79.85.
RSI indicator remains in the negative territory, favoring to the bearish bias.
Similar
USD/CAD Short Trade
USDCAD began the week slightly higher reaching as high as 1.2510 but failed to sustain these gains.
Eyes on Bank of Canada's decision today
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.
Latest news
USD: Powell Speaks on Cutting Interest Rates
Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
WTT: Currency Pairs To Trade In April
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
EURUSD: Seeking liquidity in weekly selling zones. Key intraday levels.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
