CAD/JPY Major BULL flag setup!
FUNDAS - With CAD bulls recently coming back into the market on the back of strong econ reports, it seems the ongoing NAFTA on/off sentiment has waned. In the short term at least. For now traders seem to be positioning for a July rate hike by the BOC by pushing this pair higher.
Techs -84.50 is the clear resistance point here and a break thru that could send us above 85. I particularly want this trade to happen prior to Wednesdays BOC report and have that squeeze effect for a quick push higher. My stops would be under 84 initially and I will add to my position on the way up as momentum confirms. I will definitely be looking to reduce risk going into the meeting. If we do get a hike and a more positively outlook from Poloz and co this pair could see 85.60s to 86.
Happy trading.
Techs -84.50 is the clear resistance point here and a break thru that could send us above 85. I particularly want this trade to happen prior to Wednesdays BOC report and have that squeeze effect for a quick push higher. My stops would be under 84 initially and I will add to my position on the way up as momentum confirms. I will definitely be looking to reduce risk going into the meeting. If we do get a hike and a more positively outlook from Poloz and co this pair could see 85.60s to 86.
Happy trading.
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.