13 Sep 2013
CAD/JPY pulling back above 96.50
FXstreet.com (Barcelona) - The AUD/CAD foreign exchange cross rate is currently pushing back above the 96.50 level to near session highs at 96.61 on the back of recent Yen weakness while Nikkei index trade about to break even up +0.07%.
CAD/JPY rally interrupted
“CAD/JPY’s rally has been interrupted,” said the TD Securities Toronto based FX Research Team, adding: “Heavy intraday price action now raises the possibility of the recent rally falling short of the target in the low 98 area we have previously highlighted as the bull target for the break out but we need more information to be certain. For the moment, we have to allow for the risk that the cross has to correct some of the strong gains seen through late August—possibly by way of a retest of the low 95 area, the bullish break above trend and a double bottom trigger (95.30/35).”
CAD/JPY key technical levels
Immediate resistance to the upside for CAD/JPY shows at current levels as Wednesday's lows 96.60, followed by yesterday's highs at 96.94, and Wednesday's fresh 2-month highs at 97.20. To the downside closest support lies at Monday's highs/yesterday's Asian session lows 96.14, followed by NY session lows at 95.89, and last Friday's highs at 95.84.
CAD/JPY rally interrupted
“CAD/JPY’s rally has been interrupted,” said the TD Securities Toronto based FX Research Team, adding: “Heavy intraday price action now raises the possibility of the recent rally falling short of the target in the low 98 area we have previously highlighted as the bull target for the break out but we need more information to be certain. For the moment, we have to allow for the risk that the cross has to correct some of the strong gains seen through late August—possibly by way of a retest of the low 95 area, the bullish break above trend and a double bottom trigger (95.30/35).”
CAD/JPY key technical levels
Immediate resistance to the upside for CAD/JPY shows at current levels as Wednesday's lows 96.60, followed by yesterday's highs at 96.94, and Wednesday's fresh 2-month highs at 97.20. To the downside closest support lies at Monday's highs/yesterday's Asian session lows 96.14, followed by NY session lows at 95.89, and last Friday's highs at 95.84.