CADJPY Watch Out, possible short!
CADJPY hitting resistance, tested unsuccessfully (could test again, watch out)
Technicals: Fibonacci Level, structure and over-bought RSI suggest short
Fundamentals: CAD gaining recently due to higher OIL prices (how long will that continue?), JPY's recent rapid depreciation (since Trump won elections) can generate capital outflows, so I believe JPY should be pushed up against main currencies, affecting CADJPY as well
Good risk reward ratio, if trend and Fib broken, long could generate good profits, but to me it seems short due to the abovementioned reasons
Technicals: Fibonacci Level, structure and over-bought RSI suggest short
Fundamentals: CAD gaining recently due to higher OIL prices (how long will that continue?), JPY's recent rapid depreciation (since Trump won elections) can generate capital outflows, so I believe JPY should be pushed up against main currencies, affecting CADJPY as well
Good risk reward ratio, if trend and Fib broken, long could generate good profits, but to me it seems short due to the abovementioned reasons
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