22 Jan 2015
CAD/JPY moves away from 3-Month lows
FXStreet (Mumbai) - CAD/JPY took a breather from previous session’s slide and rebounded in the Asian trading, as the yen lost ground versus the US dollar.
Currently, the CAD/JPY pair traded at 95.70, higher 0.11% on the day, having clocked day’s intraday high at 95.75 few minutes ago. The Canadian dollar fell to fresh three month lows against the yen yesterday in reaction to Bank of Canada’s unexpected rate cut and downgrade of its inflation expectations. However, the CAD/JPY pair reversed losses and edged higher largely on yen renewed weakness versus the greenback.
CAD/JPY Technical Levels
To the upside, the next resistance is located at 96 levels and above which it could extend gains 96.50 levels. To the downside immediate support might be located at 95.39 (Today’s Low) levels, below that at 95.03 (Jan 21 Low) levels.
Currently, the CAD/JPY pair traded at 95.70, higher 0.11% on the day, having clocked day’s intraday high at 95.75 few minutes ago. The Canadian dollar fell to fresh three month lows against the yen yesterday in reaction to Bank of Canada’s unexpected rate cut and downgrade of its inflation expectations. However, the CAD/JPY pair reversed losses and edged higher largely on yen renewed weakness versus the greenback.
CAD/JPY Technical Levels
To the upside, the next resistance is located at 96 levels and above which it could extend gains 96.50 levels. To the downside immediate support might be located at 95.39 (Today’s Low) levels, below that at 95.03 (Jan 21 Low) levels.