The CAD/JPY forming a bull flag?

Simon Cotterill SC Trading

Today we will take a look at the CADJPY, with the news last weekend of the drone attacks on Aramco the Saudi Oil producer, we could see some fundamentals translate into the Canadian Dollar.

Looking at the technicals we note the 81.87/82.00 area and the 200 day moving average, as being strong resistance.

To break this we will look at a possible bull flag forming, we broke the 80.30 area and trendline then moved to resistance of a daily trendline and the 200dma. We see the parallel lines of the forming flag and will see if the upper trendline breaks to confirm the pattern and retest the highs of 82.09 and then 83.02.

Author

Simon Cotterill

SC Trading

As a technical analyst with an eye on the news.

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