CAD/JPY accumulates more bearish energy [Video]

Olimpiu Tuns Learn 2 Trade

The CAD/JPY pair turned to the downside in the short term as the Japanese Yen Futures rebounded. In the short term, it has changed little as the traders are waiting for the Canadian GDP. The economic indicator is expected to report a 0.4% growth in January versus a 0.0% growth in December. Better than expected data boosts the CAD. Tomorrow, the Japanese economic data should have a big impact.

Technically, the CAD/JPY pair moves somehow sideways between 111.73 and 111.03 levels. It has escaped from a flag pattern signaling more declines. Still, only a new lower low activates a deeper drop. The upper median line of the descending pitchfork represents a dynamic resistance, so as long as it stays below it, the price could extend its correction.

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Author

Olimpiu Tuns

Learn 2 Trade

Olimpiu is a seasoned Market Analyst / Trader with 11 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks.

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