3 Feb 2015
CAD/JPY recovers losses
FXStreet (Mumbai) - The Canadian dollar continues to benefit from the recovery in the oil prices, leading to a sharp rebound in the CAD/JPY pair.
Sharp gains in crude support CAD
The Canadian dollar continues to see buying interest across the board as Crude prices in the US extend the two-day rally of more than 11%. The USD/CAD pair is down another 0.27% to 1.2532, its third consecutive fall. Meanwhile, the Japanese Yen gave up most its gains against the US dollar, tracking the recovery in the US Treasury yields. The USD/JPY pair has recovered from the low of 116.86 to trade at 117.43 levels.
Consequently, the CAD/JPY cross recovered from the low of 92.41 to trade at 93.92 levels; up 0.41% for the day.
CAD/JPY Technical Levels
The immediate resistance is seen at 94.09, above which gains could be extended to 94.27 levels. On the flip side, a break below 93.84 (10-DMA) shall open doors for a re-test of 93.17 (5-DMA) levels.
Sharp gains in crude support CAD
The Canadian dollar continues to see buying interest across the board as Crude prices in the US extend the two-day rally of more than 11%. The USD/CAD pair is down another 0.27% to 1.2532, its third consecutive fall. Meanwhile, the Japanese Yen gave up most its gains against the US dollar, tracking the recovery in the US Treasury yields. The USD/JPY pair has recovered from the low of 116.86 to trade at 117.43 levels.
Consequently, the CAD/JPY cross recovered from the low of 92.41 to trade at 93.92 levels; up 0.41% for the day.
CAD/JPY Technical Levels
The immediate resistance is seen at 94.09, above which gains could be extended to 94.27 levels. On the flip side, a break below 93.84 (10-DMA) shall open doors for a re-test of 93.17 (5-DMA) levels.