Short

CADJPY short

Updated

After today BOC rate decision, due the bad economic oulook, maybe first country in to the technical recession, after last week GDP, we expect as bank to keep rate unchanged and that will be a good incentive for the market to CAD. even a higher price of OIL who still keep CAD currency at the top the decline is started already.
from a technical perspective we see first impulse created and a big daily flag correction, with a very waisted MACD who suggest price will decline further.
We still can see the price around 108.5 in to the blocks but 99% will not make a new high to the D market structure changed few months ago in almost all Yen pairs.
Bear in minds that we are in a very big retracement what is almost done, we need weeks or days, i am very confident that the CadJpy have not more room for upside.

Note

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This is the big view, because of D market structure changed in January, not expected for a new high, but need patience and the reward will be huge

Trade active

Trading active, price struggling in the channel, i will not stay much than 108.7 and looking for a new H entry, not see any reason for that H *maybe a higher Oil but as u know price is highly manipulated before big move...patience is the key

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If break OB 4h invalidated, a new high and all setup is wrong, i am not expect but...

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i l keep only half of my position, look very resilient because of OIL rally, still expect to not break H of 110

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REmain with very low exposure on CAD YEN as CPI tomorrow, still my view but correction can be bigger on hot CPI on CAD tomorrow

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closed by SL

Trader-MP

twitter @mihaipetrea6
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