CADJPY Break Out
Updated
CADJPY on the daily time frame has a nice break out from its resistance and the trading channel. For possible resistance levels we have to go back in time, back to 2015 to be exact. The resistances that you see are based on CADJPY trading ranges from 2015 and the last time that CADJPY traded between 92 and 102. Giving the recent rate hike and the more than decent economic data the strength of CAD is growing and it will try to reach 100 again.
The only thing that can spoil this CAD bull party is North Korea, as you all know JPY always gains some strength during North Korea events. But thats an uncertain factor and for our analysis we look at the charts and the indicators. Just use a good stop in case of any sudden North Korea action.
The only thing that can spoil this CAD bull party is North Korea, as you all know JPY always gains some strength during North Korea events. But thats an uncertain factor and for our analysis we look at the charts and the indicators. Just use a good stop in case of any sudden North Korea action.
Trade active
Trade closed: target reached
Banked 120 pips
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