FXstreet.com (San Francisco) - CAD/JPY made new 3-month highs on Wednesday, as a firm loonie lifted the pairing above key Fibonacci resistance at 79.70 (50.0%, 85.00/74.41) to as high as 79.84, a price not seen since May 16. The 21 and 55-day EMAs are beginning the separate and aim higher, while daily RSI approaches overbought territory, last valued at 65. Further moves to the upside may encounter resistance at 80.17 (16 April low), while bids may lie at 79.11 (5 July high). At the time of writing, CAD/JPY has ended the US session at 79.73, gaining 40 pips on the day.
CAD/JPY May 20 at 06:58 GMT
99.83/90 (-0.03%)
H100.16 L 99.21
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Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Any opinions, news, research, analyses, prices or other information contained on this story, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
