FXstreet.com (San Francisco) - A 61.8% Fibonacci retracement at 80.90 attracted CAD/JPY sellers this week and is making it difficult for the market to sustain gains through the high 80s.
“Daily range (80.69) and weekly cloud chart resistance (80.86) have effectively combined to slow the CAD’s appreciation here and weekly price signals will turn bearish today in the event of a low weekly close (around or below current levels),” comments TD Securities.
TD also notes that the CAD “may be at some rising risk of a drop back to the mid/upper 78 area,” against its Japanese counterpart, at least for the next few weeks, it says in a research note. CAD/JPY last trades at 79.95 ahead of the weekly close.
“Daily range (80.69) and weekly cloud chart resistance (80.86) have effectively combined to slow the CAD’s appreciation here and weekly price signals will turn bearish today in the event of a low weekly close (around or below current levels),” comments TD Securities.
TD also notes that the CAD “may be at some rising risk of a drop back to the mid/upper 78 area,” against its Japanese counterpart, at least for the next few weeks, it says in a research note. CAD/JPY last trades at 79.95 ahead of the weekly close.
