CAD/JPY meets some resistance at 83.000
|- CAD/JPY is trading 0.40% higher today as commodities perform well.
- The pair just found some resistance at the psychological 83.000 level.
Today has been a strong day for the dollar with both CAD and JPY selling off in the US session.
CAD performed slightly better overall on the day as oil has pushed higher after some OPEC comments.
Later we do get the latest API inventory figures so we could expect some volatility.
JPY has suffered today as the risk environment turned positive and USD/JPY rose 0.50%.
Longer-term the BoC have just recently turned more dovish so this pair will be based on who is the underperformer. safe haven or BoC and commodities.
As long as the trade rhetoric between the US and China stays positive the pair could keep rising.
The 4-hour chart is still making higher highs and higher lows. There was a deeper correction to 0.82000 but this has now been almost fully pared.
Now the previous wave high of 0.83554 will be in focus as a break will mean the trend is continuing.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.