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16 Sep 2013
CAD/JPY finds solid ground above 95.50
FXstreet.com (Barcelona) - The AUD/CAD foreign exchange cross rate is currently trading at 95.92 marginally in the negative so far for the week with Tokyo markets closed over holiday, off recent session and fresh 5-day lows at 95.41 posted on the back of Yen strength following Fed Summers news.
CAD/JPY retains a heavy tone
“CAD/JPY’s retains a heavy tone,” said the TD Securities Toronto based FX Research Team, adding: “We still rather think that the break above resistance in the low 95 zone paves the way for a push top the 98.20 measured move target. But price moves in the latter part of the week have been a little disappointing for the CAD/JPY bulls, with the weekly pattern of trade (small “shooting star” type top possible) suggesting more headwinds for the CAD. Look for support at 95.30/35 now—the bull break out.”
CAD/JPY key technical levels
Immediate resistance to the upside for CAD/JPY shows at current levels as Friday's/Thursday's lows 95.95, followed by recent session highs at 96.12, and Wednesday's lows at 96.57. To the downside closest support lies at Sept 06 highs 95.85, followed by Sept 05 highs/recent session lows at 95.45/41, and Sept 05 lows at 94.86.
CAD/JPY retains a heavy tone
“CAD/JPY’s retains a heavy tone,” said the TD Securities Toronto based FX Research Team, adding: “We still rather think that the break above resistance in the low 95 zone paves the way for a push top the 98.20 measured move target. But price moves in the latter part of the week have been a little disappointing for the CAD/JPY bulls, with the weekly pattern of trade (small “shooting star” type top possible) suggesting more headwinds for the CAD. Look for support at 95.30/35 now—the bull break out.”
CAD/JPY key technical levels
Immediate resistance to the upside for CAD/JPY shows at current levels as Friday's/Thursday's lows 95.95, followed by recent session highs at 96.12, and Wednesday's lows at 96.57. To the downside closest support lies at Sept 06 highs 95.85, followed by Sept 05 highs/recent session lows at 95.45/41, and Sept 05 lows at 94.86.