CAD WEEKLY REPORT
Updated
CADJPYLast week we saw CAD move +109 pips & as you can see on the charts i banked +81 pips out of that move. To give you'll some perspective on why i expect more CAD bullish moves in the near term , as we all know the fed is determined to get inflation to average above 2% and low interest rates for the next 3 years. To achieve that a lot more money would bacially be needed to be thrown into the economy , with that said with the stimulus package upon us that would be help the fed with their 3 year plan. So as a result we'd see a lot more bullish moves in CAD along with BTC , OIL , GOLD , SILVER , S&P 500 , just to name a few. On friday CAD erased all of its gains against the JPY forming a beautiful double bottom above my optimal trading zone , which is a good place to reload your bullish positions. I would advise to wait until we get a break & close above 80.000 just above the 100 & 200 SMA before entering. If it goes that way we could see price test the monthly highs around 80.606 , +85 pips or +1.07% from its current price.
Let me know what you think in the comments....
Trade active
We saw a big decline to around 78.000 in the past week due to uncertainty about the election and we saw some safe haven buying boosting the JPY & USD. Fast foward to election day market is definitely pricing in a Biden win sending the safe havens down and riskier assets higher. If CADJPY can hold above the current support around 79.450 we could see a move back towards 80.490.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.